WBL/ Straits Trading Company (STC)/ United Engineers (UE)

WBL/ Straits Trading Company (STC)/ United Engineers (UE): STC's offer for $3.36/ share for WBL lapsed yesterday (Sunday). STC said it intends to hold on to its 44.5% stake in WBL, as they stated there is little reason to accept UE's offer- being the largest stakeholder in WBL currently. WBL currently trades at $4.38, appears that the remaining shareholders would be unlikely to accept the $4.00/ share offer by UE as well. UE's offer ends next Tuesday. On the latest valuation by WBL's Independent Financial Adviser, KPMG values WBL at $4.56-$5.30/ share. WBL last traded at 1.3x P/B, 15.5x trailing P/E.