IFA advises SingLand shareholders to accept UOL offer

ANZ (Australia and New Zealand Banking Group) has, in its capacity as independent financial adviser, advised Singapore Land (SingLand) shareholders to accept the mandatory unconditional cash offer made by UOL Group Limited.

UOL had earlier this year made the offer for all the SingLand shares it does not already own, at S$11.85 apiece in cash.

ANZ said on Tuesday that it is of the opinion that, on balance, the financial terms of the offer are fair and reasonable and not prejudicial to the interests of SingLand shareholders in the context of an exercise involving no change in control of the company.

The obligation for UOL to make the mandatory offer was triggered under Singapore's takeover code last month when UOL and its concert parties attained statutory control of United Industrial Corporation, which in turn owns over 99 per cent of SingLand.