United Industrial Corp (UIC) has extended the deadline for its general offer for Singapore Land shares to April 21.
It announced this on Monday, the day the offer was originally supposed to close.
UIC, which controlled 81.77 per cent of property developer SingLand by the end of Thursday last week, also announced that it is keeping its offer price at $9.40 per share and does not intend to raise it.
This "no increase" statement means that it will "not be allowed to subsequently amend the terms of the offer, including the offer price, in any way" in line with Singapore's takeover code, it noted.
SingLand's second-largest shareholder Silchester International Investors had said on Monday last week that UIC's offer was too low. Silchester reduced its stake in SingLand last week to 4.95 per cent, raising the company's public float.
UIC's 81.77 per cent shareholding includes acceptances it received by the end of Thursday last week, which were worth a combined 1.37 per cent of SingLand.
It needs SingLand's public float to fall below 10 per cent before it can take the developer private. It wants to delist SingLand from the Singapore Exchange if its offer succeeds.
SingLand's shares were flat at $9.56 at 2.20pm on Monday.