UE makes cash offer for rest of WBL

UNITED Engineers (UE) has made a pre-conditional voluntary unconditional cash offer for all the shares of WBL Corporation (WBL) it does not already own; the announcement follows Yanlord Land Group and Perennial Real Estate's acquisition of a one-third stake in UE earlier this year.

UE has made the offer for WBL through its wholly owned subsidiary, UE Centennial Venture Pte Ltd, which currently owns 67.59 per cent of WBL.

A formal offer will only be made upon the satisfaction of a pre-condition: the approval of the deal by UE shareholders deemed to be disinterested for the purposes of this offer.

Yanlord Perennial Investment (Singapore) Pte Ltd - the consortium led by Yanlord Land Group and Perennial Real Estate, which acquired a 33.59 per cent stake in UE earlier this year - is deemed an interested person with regards to this offer. It also currently owns 10 per cent of WBL and has committed to buy another 19.9 per cent of WBL at a later date.

The approval of UE shareholders deemed to be disinterested for the purposes of this offer will be required, under Singapore Exchange listing rules.

UE intends to offer S$2.07 in cash for each WBL shares, adding that this offer price is final and will not be increased once the offer is made.