WBL's Biggest Shareholder Clears Way For $1B Sale To UEL

Law360, New York (May 13, 2013, 1:07 PM EDT) -- The largest shareholder of Singapore-based conglomerate WBL Corp. Ltd. said Monday that it would accept an offer that values the company at about $1 billion, pushing property company United Engineers Ltd.'s takeover bid a step closer to closing.

Straits Trading Co. Ltd. said in a statement that it — which, along with its concert parties, hold a 44.58 percent stake in WBL — had decided to take UEL's acquisition offer. UEL's takeover bid has twice been revised upward since it was proposed in January, most recently...
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