WBL Corporation

[LionFlyer]

Best and Final Offer of $4.50, 29 May 2013

Increased from $4.15 to $4.50.

Not vested in WBL but in UE.

[greengiraffe]

There is some bad blood between Chew and Lee. Chew is in the leading position in this game. Unfortunately, UE has been made use to lead the charge for the offensive and could end up paying a price for the offensive.

IMO, there is limited synergies between UE and WBL's pile of odd business combinations. WBL has for years been witnessing roller coaster earnings. Moreover, there has been numerous management changes.

Frankly, its the tough and odd combination of business units (all highly cyclical and beyond management's control) that is the main cause of the cyclicalities.

WBL's automotive business, unlike J C&C lacks a free and mass mkt like Indonesia. Its a high turnover low margin business that basically works for the Singapore govt.

Its electronic business is also cyclical due to the inherent nature of the global electronic industries.

Its property business is also cyclical even though it has made a lot of money in China historically. With Chinese government focus on controlling asset bubble, the days of making supernormal profits can be easily behind. While it has landbank in Malaysia, I do not think it is that substantial that warrants a takeover of this scale.

I think Chew is unlikely to relent in this game. $, she has a lot and so far her track record at Straits Trading is for everyone to see.

$4.50 is probably to prove a point in each camp's strength. UE (OCBC backed) camp basically needs to show the world that they are a lot stronger in this bid war and they probably knew the outcome that their bid will not lead to anywhere.

See if my guess will be correct in due time.

Vested
Odd Lots
UE, WBL

Best and Final Offer of $4.50, 29 May 2013

Increased from $4.15 to $4.50.

Not vested in WBL but in UE.

[pianist]

how did u end up with an odd lot, gg?

should we embrace this generous santa claus with its $4.50 offer price now?

or should we wait for our wonder woman?

[greengiraffe]

Thought I shared before... my former sifu (retired remiser) help me build a portfolio (aka stamp collections). He said, odd lots will provide you with never ending reading materials, help provide employment for postal services, free meals/gifts at AGM. If you really like the co, then you build up the position, otherwise just be a permanent holder.

Its only $ but the knowledge that you gain from free reading is even better than MBA or PHD.

Hope that helps...

WBL is the battle of egos between the 2 camps. Chew is unlikely to let go - will be status quo.

GG

how did u end up with an odd lot, gg?

should we embrace this generous santa claus with its $4.50 offer price now?

or should we wait for our wonder woman?

[pianist]

How can Ms chew be willing to let go? She was the one that started this battle. Just sit back relax enjoy and same time enjoy the dividend. Btw interim five cents just announced. huat ah!

[CityFarmer]

News report from Today, for additional info.

United Engineers sweetens offer in final bid for WBL

SINGAPORE — United Engineers Ltd (UEL) has sweetened its bid for WBL Corp with a final offer of S$4.50 per share, after its initial offer of S$4.15 failed to entice enough investors to part with their shares.

The initial mandatory offer UEL made on March 27 for the 60.46 per cent of WBL that it did not already own is said to have attracted less than 3 per cent more shares, far short of the 50 per cent plus one share needed to make the offer unconditional.

http://www.todayonline.com/business/unit...al-bid-wbl

[egghead]

STC accepts UE offer. Never say never...

[KopiKat]

STC accepts UE offer. Never say never...

Woah....

The Company believes that the Acceptance, which would allow the STC Group to realise an immediate gain of approximately S$83.3 million from its investment in WBL...

[egghead]

$83.3 mil - not bad for 6 months work

[KopiKat]

My new idol... Ms Chew ... going to do a lot more homework and pay closer attention to her biz moves.. First came across her as one of her company "Mellford Pte Ltd" was a Top 20 shareholder of Popular Hldgs while doing my studies there...