SINGAPORE (Nov 25): Oxley Holdings has thrown in the towel in its bid for a stronger say in United Engineers, ceding ground to Yanlord Land Group, which has gained tighter control as a result.

When Oxley began buying up shares in UE just as Yanlord and its concerted parties assumed control, the market was stirred by the prospect of a bidding war. That was not to be, as the Yanlord-controlled board rebuffed calls to give Oxley board representation and held steadfastly to its stake.

On Nov 15, Oxley sold 62 million shares in UE for a total of $167.5 million on the open market. With the sale, it is left with just below 58.6 million shares, or a 9.19% stake, according to UE’s Nov 18 filing. No additional filings have been made as at press time, but The Edge Singapore understands that Oxley subsequently sold all its UE shares.

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