Perennial, Yanlord extend UE takeover offer to Sept 12

UE BizHub City (formerly known as UE Square) is United Engineers Ltd (UEL)’s flagship mixed-use project.
UE BizHub City (formerly known as UE Square) is United Engineers Ltd (UEL)’s flagship mixed-use project. PHOTO: THE BUSINESS TIMES

SINGAPORE - The consortium led by Perennial Real Estate Holdings and Yanlord Land Group have extended their takeover offer for United Engineers (UE).

In an exchange filing on Monday night (Aug 28), Perennial said the closing date for both the ordinary share offer and the preference share offer have been extended from Tuesday (Aug 29) to 5:30pm on Sept 12, 2017.

It also said that as at 5pm on Aug 28, Yanlord Perennial Investment (Singapore) Pte Ltd and parties acting in concert with it own, control or have agreed to acquire an aggregate of 220,887,763 UE ordinary shares, representing approximately 34.65 per cent of the total number of ordinary shares.

For UE preference shares, the corresponding number amounts to an aggregate of 805,243 shares, representing approximately 92.03 per cent of the total number of such shares.

The consortium is offering S$2.60 per UE ordinary share and S$2.60 per preference share. UE stock was trading at S$2.70 as of 11am on Tuesday.