UOB wants time for Temasek bid

UOB wants time for Temasek bid

SINGAPORE: Singapore's United Overseas Bank (UOB) has asked state-run investment firm Temasek Holdings for more time to consider its S$711 million (US$418 million) bid to buy the bank's entire stake in a listed property group.

UOB said in a statement late on Saturday it needed an extension of one month to allow the bank's newly appointed financial advisor, Credit Suisse First Boston, to properly evaluate the Temasek offer to buy its 49 percent stake in United Overseas Land (UOL). Temasek's offer, made through its subsidiary Tazwell Pte. Ltd. last week, is to expire Tuesday.

The state-run investment firm's hostile bid to buy UOB's stake in the property group, a move that shocked local market watchers, is shaping up to be one of the most exciting corporate battles seen in Singapore. -- AFP