United Engineers throws in rival bid for WBL Corp

United Engineers has thrown in an all-cash offer to take over property, automotive and technology group WBL, pitting itself against Straits Trading Company, which had launched its own bid for WBL in November.

UE, a property, construction and engineering firm, said today that it will pay $4 for each WBL share, valuing the firm at close to $1 billion.

UE noted in a statement that this offer represents a 19 per cent premium to the bid launched by Straits Trading.

Under that earlier offer, WBL shareholders have two options: they can trade in each WBL share they own for 1.07 new Straits Trading shares in return, or sell each WBL share for $3.41.