In a statement, developer UOL said it will buy 15.86 million United Industrial shares at the same price, increasing its stake to 30.2% and triggering the takeover offer.
Shares of United Industrial, which are suspended from trading, last changed hands at S$1.10. The offer values United Industrial at S$1.65 billion, and the remaining 69.8% stake at S$1.15 billion. UOL Group is making the bid through its unit UOL Equity Investments Pte.Ltd.
The company said if its bid is successful, it will offer to buy shares of United Industrial''s unit Singapore Land Ltd. that United Industrial doesn''t already own for S$3.57 a share, or about S$406 million. United has a 72.4% stake in SingLand. SingLand shares, which are also under trading halt, last changed hands atS$3.42.
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