United Overseas Bank (SGX:U11), acting on behalf of Patec, said its mandatory conditional cash offer for Broadway Industrial Group (SGX:B69) has been declared unconditional, following valid acceptances amounting to 50.9 million shares, or 11.19% of the target's total share capital, according to a Friday filing on the Singapore Exchange.
As of Nov. 14, Patec, together with persons acting in concert, holds 247.9 million shares, representing 54.51% of Broadway's total shares, thus securing control of the company.
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