SINGAPORE (Jan 4): UOL's mandatory offer for Singapore Land shares has closed and is no longer open for acceptance.

As at 5.30pm on Wednesday, UOL and parties acting in concert with it held 411.2 million or 99.772% of SingLand shares.

UOL Group in November made the mandatory unconditional cash offer for all the shares in SingLand that it does not already own at $11.85 each.

The offer for SingLand, 99.7% owned by UIC, was triggered under the chain rule of Singapore's takeover code after UOL raised its stake in United Industrial Corp (UIC) to more than 50%, gaining statutory control of the latter.

This story, written by PC Lee for The Edge Singapore, first appeared on Jan 4.