WBL/UE/ STC

WBL/UE/ STC: UE extends deadline for its $4.15/share offer for WBL to 5.30pm on 10 May; As at 23 Apr, UE controls 39.64% of WBL. Straits Trading Co (STC) which owns 44.58% stake in WBL, let its own takeover bid lapse in Mar, leaving UE as the only contender. STC has highlighted there was little reason to accept UE's offer. Independent financial adviser KPMG had recommended shareholders not to accept UE's offer as it was "not fair from a financial pt of view", and gave a SOTP valuation of $4.27-5.16/share for WBL.