Thursday, February 14, 2013

WBL/ Straits Trading/ United Engineers

WBL/ Straits Trading/ United Engineers: Independent Financial Adviser KPMG has rejected Straits Trading Company's mandatory conditional offer of $3.36/share made on 1 Feb 2013, stating that as the offer is "not fair from a financial point of view". The closing date of the offer from Straits Trading will be on 1 March 2013. The latest update from United Engineers was that the Group announced that it intends to launch a takeover for WBL in an all-cash pre-conditional voluntary offer that values WBL at close to $1.1b ($4.00/ share). The Offer is for the remaining 61.7% of WBL, or 167.6m shares, and all outstanding convertible bonds in WBL, that the Offeror and its concert parties do not own. WBL is down 0.9% to $4.55; Straits Trading is unchanged today with bid at $4.00; United Engineers is down 0.6% to $3.36.

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