UIC's SingLand offer 'fair and reasonable'

INDEPENDENT directors (IDs) of Singapore Land (SingLand) yesterday advised shareholders to either accept the takeover offer from United Industrial Corporation (UIC) or sell their shares in the open market if they can obtain a higher price by doing so.

Their independent financial adviser (IFA), ANZ has made this recommendation, saying that the financial terms of the offer are "fair and reasonable and not prejudicial to the interests of the shareholders in the context of an offer involving no change in control of the company".

ANZ also said that it was not aware of any indication that UIC will raise the offer price.