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.