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