Perennial-Yanlord bid for UE is 'fair': adviser

Singapore

THE takeover bid for United Engineers (UE) by a consortium led by Perennial Real Estate Holdings and Yanlord Land Group is "fair and reasonable", the independent financial adviser to the independent directors said in a report.

Holders of UE's common stock and preference shares should accept the bidding group's offers - S$2.60 per common share and S$2.60 per preference share - unless they can get a better price on the open market, the adviser, SAC Capital, said.

Shares of UE - a property, engineering and construction group - …