United Engineers extends deadline for WBL offer

United Engineers will extend the closing date for its mandatory conditional cash offer to acquire outstanding shares and convertible bonds of WBL Corporation.

The closing date will be pushed back from today to May 10.

Any offers received after that deadline will be rejected.

United Engineers is obligated to make an offer to buy WBL's issued ordinary shares and outstanding convertible bonds due June 10, 2014.

About a month ago on March 27, United Engineers' offer document stated an offer price of $4.15 per share.

This is an 18.2 per cent premium above the "unaffected price" of $3.51 - that is, the price on the last full trading day before the announcement of an earlier bid which has since lapsed.

The offer price is also the highest ever traded value in the 21 months prior to the unaffected date on November 23 last year.