UOB pulls UOL offer

In the face of Temasek''s unsolicited offer to buy United Overseas Land (UOL), United Overseas Bank (UOB) pulls its own offer.

You have to hand it to Temasek. For a government investment agency it certainly knows how to put the cat amongst the pigeons. Not content with outgunning every company in the regional MA market, it has now scuppered a deal painstakingly put together by one of Singapore's richest families.

On Tuesday Temasek made an offer to buy UOB's entire stake in its subsidiary UOL. It offered to pay S$2.06 per share and S$0.81 per warrant for the shares, trumping UOB's offer to sell its stake to its own shareholders at a price of S$1.58 a share. Yesterday UOB announced it was withdrawing its own offer to evaluate its own...

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