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Oxley Holdings boosts stake in United Engineers to 10.43%

OXLEY Holdings on Thursday disclosed that the company had on Wednesday acquired, through open-market purchases, shares of United Engineers (UE), resulting in Oxley holding 10.43 per cent of the total number of issued shares, excluding treasury shares and subsidiary holdings of UE.

UE is in the middle of a takeover bid by a consortium led by Perennial Real Estate Holdings and Yanlord Land Group.

On Tuesday, the independent financial adviser to the independent directors, SAC Capital, said in a report that it considered the offer price of S$2.60 per common share and S$2.60 per preference share "fair and reasonable".