Keppel Corp's shareholding in Keppel Land inched up to 93.9 per cent by 5pm on Monday.
This is still 1.6 percentage points short of the 95.5 per cent compulsory acquisition threshold for the higher offer price of S$4.60 per share to kick in.
The final closing deadline of the offer is 5.30pm, March 31.
Shares of Keppel Land fell 1.3 per cent to S$4.46, landing it among the top 20 losers on Monday.
This surprised some, since the stock has been trading above S$4.50 since the offer was first announced in January.
An analyst told The Business Times that this might reflect the market's expectation of a higher possibility that the offer price will remain at the base offer of S$4.38 per share.
"This is because the market price is always a risk-weighted reflection of whether the market expects the compulsory acquisition to go through," the analyst said.