THE independent financial advisers to WBL Corp's independent directors have recommended that shareholders and bondholders reject the general offer made by United Engineers (UE).
In a circular released on April 9 to the Singapore Exchange, independent financial advisers KPMG said the UE offer is "not fair" from a financial point of view.
WBL is a technology, property and motor group. Its motor business includes distributing luxury cars such as Bentley, BMW and Bugatti. In China, it has a property development arm and a landbank.
UE, the second party to table a WBL bid, had initially indicated it would bid $4 per share, but raised that to $4.15 on March 12.
The offer, which also extends to WBL's convertible bonds, closes on April 24.
UE has also retracted a series of statements it made in its offer document issued on March 27, including a statement about WBL's net profits for the three months ended Dec 31 falling by 74.3 per cent on the same period in the previous year.