OCBC Lee Family Ups Offer For Straits Trading To S$6.55/Shr
SINGAPORE (Dow Jones)--A vehicle controlled by the Lee family, the main shareholder of Oversea-Chinese Banking Corp has increased its offer for all of Straits Trading Company to S$6.55 a share, from S$5.76, according to a filing with the Singapore Exchange late Thursday.
The increase was in response to Singapore-based investment firm Tecity Group's move to increase its offer for Straits Trading last month to S$6.50 a share from S$5.70.
The vehicle making the offer for the Lee family, Knowledge Two Investment Pte. Ltd., owns 33.4% of Straits Trading, whose business includes mining and smelting, and hotel investment and management.
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MYOB finds it interesting that two families, with long connections to the company and one another, are fighting it out for control of Straits Trading. According to various reports, it is believed that ST could be valued as much as $7.80.
Stay tuned! MYOB will bring back some numbers to see if it's worth making it our business...
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