Temasek moves to expand business

Temasek moves to expand business

SINGAPORE: The Singapore government's holding company has raised its bid for United Overseas Bank's property arm, two days after the bank rejected its earlier unsolicited offer.

State investment agency Temasek Holdings said late on Thursday that it will pay S$2.26 (US$1.31) a share for the bank's entire 49 percent stake in United Overseas Land Ltd., up from its earlier offer of S$2.06 a share.

The new offer, valid until May 28, is 43 percent more than the S$1.58 a share price that the bank offered to minority stockholders -- an offer the shareholders rejected. -- AP