STRAITS Trading said on Monday that family-owned Tecity Group has raised its offer for the commodities and property firm, trumping an offer made by the family that owns a significant stake in Singapore's third-biggest bank. Tecity is an investment vehicle of the family of OCBC Bank's former chief, the late Dr Tan Chin Tuan.
Tecity, through its investment vehicle Cairns Pte Ltd, raised its offer to $6.70 from $6.50 previously, above the $6.55 offered by the Lee family, the main shareholders of OCBC Bank.
The new Tecity bid values Straits Trading at $2.18 billion.
The higher offer came after OCBC, a major shareholder in Straits Trading, said last week that it does not intend to accept the offer for Straits Trading. -- REUTERS
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