UOB's stake in Far Eastern Bank's offer shares crosses 90%; offer now unconditional

UNITED Overseas Bank (UOB) late on Monday said that as at 5.30pm, it has received valid acceptances representing 90.21 per cent of Far Eastern Bank's (FEB) offer shares.

"Accordingly, UOB wishes to announce that the acceptance condition of the offer has been satisfied and the offer has therefore become and is hereby declared unconditional in all respects.

"UOB is now entitled to, and will, exercise its right . . . to compulsorily acquire all the shares of shareholders who have not accepted the offer at a price equal to the offer price of S$3.51 in cash for each share."

As at 5.30pm, UOB owned, controlled or has agreed to acquire about 97.93 per cent of FEB's total issued shares.

UOB is looking to privatise FEB. Before the offer, it already held a 78.88 per cent stake in FEB, a public unlisted company. The offer will allow shareholders to unlock the value of their unlisted and illiquid shares, UOB had said.

The offer will remain open for acceptance until 5.30pm on May 6, 2015. UOB does not intend to extend the offer beyond this final closing date.