WBL Corporation appoints SAC Capital as IFA

WBL Corporation has appointed SAC Capital Private Limited as the independent financial adviser (IFA) to advise and make a recommendation to shareholders in respect of the mandatory offer by Chinese real estate player Yanlord Land Group.

A circular containing the advice and recommendation of the IFA will be despatched by the company to shareholders within 14 days from Dec 2.

The mandatory unconditional cash offer for WBL Corporation of S$2.5947 per share came about as Yanlord's stake in United Engineers (UE) crossed 50 per cent, resulting in an unconditional takeover offer.

UE owns 69.14 per cent of WBL via its unit UE Centennial, while offeror Yanlord Investment Singapore (YIS) owns 29.9 per cent of WBL.

As such, Yanlord had announced a mandatory unconditional cash offer for WBL Corporation of S$2.5947 per share, for all shares other than the 99.04 per cent stake held by YIS and UE.