SINGAPORE - The takeover offer of Chinese real estate player Yanlord Land Group for all ordinary shares of United Engineers has turned unconditional, with the offeror's stake in UE crossing the 50 per cent threshold.
This brought the total stake in UE held by the offeror, Yanlord Investment Singapore , and concert parties to 51.46 per cent of all ordinary shares. In a separate filing, Yanlord announced that UE is now an indirect subsidiary of the company. As at 5pm on Friday, YIS had received valid acceptance of its offer for 0.0097 per cent of UE's ordinary shares, and none for the preference shares. YIS owns 97.7 per cent of UE's preference shares.
UE owns 69.14 per cent of WBL via its unit UE Centennial, while YIS owns 29.9 per cent of WBL, Yanlord said in its bourse filing. The $2.5947 offer price is the same price at which Yanlord had previously bought the WBL shares from Perennial and Heng Yue.
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