You have to hand it to Temasek. For a government investment agency it certainly knows how to put the cat amongst the pigeons. Not content with outgunning every company in the regional MA market, it has now scuppered a deal painstakingly put together by one of Singapore's richest families.
On Tuesday Temasek made an offer to buy UOB's entire stake in its subsidiary UOL. It offered to pay S$2.06 per share and S$0.81 per warrant for the shares, trumping UOB's offer to sell its stake to its own shareholders at a price of S$1.58 a share. Yesterday UOB announced it was withdrawing its own offer to evaluate its own...
