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