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Ipo of Garden Fresh Count Down?
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desmodeus
Veteran |
13-Jul-2017 19:47
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Pray hard white knight emerges tomorrow and mop up 5%. Then can watch expect fireworks | ||||
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MrSingaporean
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13-Jul-2017 19:38
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I hope got counter offer.... And hope the other shortlisted bidders initially come out with higher price. For example a 1996 forbes research mentioned Samling family has in excess of 2.6 bil usd. Since 1980s till 2015 the samling family has paid out more than 3 bil usd in acquisitions. They are cash rich and own hundreds and hundreds of companies and are big shareholders in other companies. Hope they come to the rescue....
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MichaelSchenker
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13-Jul-2017 19:33
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http://www.businesstimes.com.sg/companies-markets/yanlord-led-consortium-takes-335-stake-in-united-engineers-triggering-takeover Yanlord-led consortium takes 33.5% stake in United Engineers, triggering takeover Thursday, July 13, 2017 - 19:20 A CONSORTIUM led by Yanlord Land Group and Perennial Real Estate has acquired a 33.5 per cent stake in United Engineers Limited (UEL) at S$2.60 per share and a 10 per cent stake in WBL Corporation for S$2.07 per share from OCBC Bank, Great Eastern Holdings and other vendors for S$729.7 million. The move has triggered a mandatory takeover for UEL. The consortium said it may acquire another 19.9 per cent stake of WBL at S$2.07 per share at a later date. Yanlord Land owns a 49 per cent stake of the consortium, Perennial Real Estate and its two sponsors Kuok Khoon Hong and Wilmar International own a 45 per cent, while the remaining 6 per cent is held by Chinese investor Kung Chun Lung. At the offer prices, the consortium is valuing 100 per cent of UEL and 29.9 per cent of WBL at about S$1.83 billion. Both Yanlord and Perennial had halted trading of their shares on Singapore Exchange on Wednesday pending the announcement The move marks Yanlord' s first foray into Singapore real estate market, after its public listing here in June 2006.
Yanlord chairman and CEO Zhong Sheng Jian said: " As a key global financial centre, Singapore' s real estate market continues to present a good value proposition for developers such as ourselves seeking to develop stable and recurring revenue streams." Perennial CEO Pua Seck Guan said the partnership between Perennial and Yanlord brings together " synergistic skillsets and on-ground delivery capabilities, which will facilitate the unlocking of the potential value in United Engineers for all stakeholders" . The consortium intends to maintain the listing status of UEL and will re-evaluate its position should UEL not meet the minimum public float requirement on the closing date of the offers. In the event that the ordinary share offer for UEL becomes unconditional, this will trigger a " chain offer" for WBL at S$2.07 per share as UEL currently owns 67.6 per cent stake in WBL, which was delisted in February 2014. Credit Suisse Group has advised OCBC and its insurance unit Great Eastern on the strategic review of their stakes in UEL since September. |
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desmodeus
Veteran |
13-Jul-2017 19:31
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2.07 + 2.60 or 3 plus. I let go [SINGAPORE] An investor group led by Yanlord Land Group Ltd is preparing a bid for United Engineers Ltd valuing the century-old Singapore property company at about US$1.2 billion, according to people with knowledge of the matter. The Yanlord consortium has agreed to buy the United Engineers stakes held by Oversea-Chinese Banking Corp and its insurance arm, according to the people. It plans to announce an offer of S$2.60 a share for the rest of the company as soon as Thursday, the people said, asking not to be named as the deliberations are private. China-focused developer Yanlord holds 49 per cent of the bidding vehicle, while Singapore landlord Perennial Real Estate Holdings Ltd accounts for 45 per cent and a Chinese investor owns the remainder, the people said. Their offer represents a 7.9 per cent premium to the United Engineers closing price on September 26, the day before OCBC announced a strategic review of its stake. It is a 4.1 per cent discount to the stock' s last price this week before trading was suspended, pending an announcement.
The deal would cap a years-long push by OCBC to offload its stake in United Engineers, whose properties include Singapore shopping centres like Rochester Mall and the UE BizHub City mixed-used development. Any transaction would add to the US$8.8 billion of acquisitions in the city-state' s real estate industry announced over the past 12 months, data compiled by Bloomberg show. Yanlord' s 5.875 per cent 2022 notes fell 0.13 Singapore cents on the dollar to 103.9 Singapore cents at 4.33pm local time, the biggest drop since July 3, according to Bloomberg-compiled prices. Credit Suisse Group AG is advising OCBC and insurance unit Great Eastern Holdings Ltd. on a strategic review of their stakes in United Engineers, according to a January exchange filing. A representative for Perennial declined to comment, while representatives for Yanlord and United Engineers didn' t immediately respond to requests for comment. OCBC declined to comment in an emailed statement. OCBC and Great Eastern have also agreed to initially sell a combined 10 per cent stake in closely-held United Engineers unit WBL Corp to the bidding group at S$2.07 a share, the people said. They will sell a further 19.9 percent stake if the bidding group manages to obtain at least 50 percent of WBL, according to the people. BLOOMBERG |
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CraigFoo
Elite |
13-Jul-2017 19:30
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Will UE remain listed? | ||||
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kirana
Senior |
13-Jul-2017 19:24
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Oh oh. Will there be more colourful outcome? | ||||
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MichaelSchenker
Master |
13-Jul-2017 19:22
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ummm......I really, really hope you are right, but remember Charoen' s offer was way lower than 2.60, that' s why it did not materialise.
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rlong8288
Master |
13-Jul-2017 19:20
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Wow go Holland
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MrSingaporean
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13-Jul-2017 19:18
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Exactly. Its a huge shock at 2.60! My goodness
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triphopper
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13-Jul-2017 19:18
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Yah, but now he see this deal is so s**teous he can easily counter-offer and mount a challenge? I am just being optimistic...
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MrSingaporean
Member |
13-Jul-2017 19:17
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Hope all 64% dont sell at 2.60. Or else its like "pasar malam" lelong lelong cheap cheap.
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not_98percent
Senior |
13-Jul-2017 19:17
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all is not lost. Foremost they are a consortium and they need to succeed to acquire UE to " split" the assets. If they are unsuccessful to buy-over, how to achieve this simple objective? Minority shareholders can hold-out (including those Funds) as whatever they can acquire from OCBC & GELife does not cross the 90% threshold to delist UE...... and it is a standard statement The Offeror DOES NOT intend to increase the Ordinary Share Offer Price save that the Offeror reserves the right to do so in a competitive situation. and of course hoping a counter-bid surfaces. Based on most recent March 2017 Quarter-end, their NAV was $2.54 at company and $3.06 Group-level. Have we forgotten that of late, real-estate prices have creeped-up??? What happened to REVISED NAV??? We are not sleeping (yet) |
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MichaelSchenker
Master |
13-Jul-2017 19:16
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I thought Charoen' s offer did not go thru' 2 years ago.
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MichaelSchenker
Master |
13-Jul-2017 19:15
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I guess we can all opt not to sell at 2.60, public holding about 64%, (I think) If tomorrow opens and goes below 2.60, it may be good to pick up some. |
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triphopper
Senior |
13-Jul-2017 19:12
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Charoen and Riady please come save us from this nightmare! Haha... (?ê?Î?j
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TanSiBeiKu
Senior |
13-Jul-2017 19:08
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This one really a nightmare !! Lower than 6 months VWAP of $2.824 Offer Price For each Offer Share: S$2.60 in cash (" Ordinary Share Offer Price" ) The Offeror DOES NOT intend to increase the Ordinary Share Offer Price save that the Offeror reserves the right to do so in a competitive situation. Therefore, in accordance with Rule 20.2 of the Code, save in a competitive situation, the Offeror will not be allowed to subsequently amend the terms of the Ordinary Share Offer, including the Ordinary Share Offer Price, in any way. So now remaining shareholders can just hope for a competitor to enter the arena with a stronger offer ? |
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triphopper
Senior |
13-Jul-2017 19:08
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I think there was never any intention to take it private, hence the lowball figure. We, the minority shareholders, were counting on OCBC/GE to safeguard our interests... But alas........................................
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tanakow
Member |
13-Jul-2017 19:06
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It is going to remain listed if not enough to take it private.
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MrSingaporean
Member |
13-Jul-2017 19:01
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Dont rhink got any chance of counter offers....
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tanakow
Member |
13-Jul-2017 18:44
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It is ok. Can wait.
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