The Straits Trading Co., the single largest shareholder in WBL Corp has set a new bar for its share prices after it accepted the United Engineer's Ltd's bid for the dealer of the renowned Bugatti cars.
Share prices for the Straits Trading Co. stock jumped 5.3% to Sing$4.18 per share, its highest value since April 2010. The final bid of United Engineers was at Sing$4.50 per share for WBL last week, May 9. The offer included an increase from the previous offer made a month earlier was considered 'not fair.'
In a statement by the company, it said that the Straits Trading's 'decision removes any uncertainties on the future direction for WBL.'
The new bid places the value of WBL at Sing$1.25 billion or US$1 billion according to the calculations of Bloomberg. United Engineers had previously offered to pay SIng$4.15 per share in cash last March 12 and won't be extending the offer after May 29.
Currently, the Straits Trading owns 44.58% of WBL according to the company's press release.
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