Yanlord extends closing date for UE shareholders to accept offer to Jan 20

CHINESE developer Yanlord Land Group has given United Engineers' (UE) ordinary and preference shareholders an additional three weeks to accept its offer, it said in a bourse filing on Monday.

Its S$2.70-a-share mandatory conditional cash offer was originally open for acceptances till 5.30pm on Dec 30, with the closing date now extended to 5.30pm on Jan 20.

UE earlier lost its free float after Yanlord said it owned, controlled or has agreed to acquire about 90.27 per cent of UE's ordinary shares as at 5pm on Dec 26.

In its bourse filing during Monday's midday trading break, Yanlord said it owned, controlled or has agreed to acquire about 91.43 per cent of UE's ordinary shares as at 5pm on Dec 27.

Shares of UE were up S$0.01 or 0.4 per cent to S$2.70, while Yanlord shares advanced S$0.01 or 0.8 per cent to S$1.21 as at 1.10pm on Monday.