SINGAPORE (Sept 20): United Engineers will remain listed after an offer to take the century-old property group private failed.

In a filing on Tuesday night, Yanlord Perennial Investment announced only 1.36% of ordinary shareholders had tendered their shares before the close of the offer at 5.30pm.

The Perennial Real Estate and Yanlord Group consortium made an open offer for all UE shares after buying a 33.4% stake in UE.

As the minimum acceptance condition of more than 50% has not been met, the offer has lapsed and failed to become unconditional.

The deal had valued UE and a unit at about $1.83 billion, in one of the biggest property takeover deals in Singapore in recent years.

UE was put up for sale after Oversea-Chinese Banking Corp and its insurance arm Great Eastern Holdings in July agreed to sell their combined stakes to the consortium.

Meanwhile, Oxley Holdings complicated the deal by buying a 15% stake through open market purchases.

in their evaluation of the takeover offer in August, SAC Capital, the independent financial adviser, had concluded that the offer price of $2.60 per share is “fair and reasonable”.

See: Lim & Tan expects takeover bid to fail, keeps United Engineers at ‘hold’

In separate filings, UE announced Tan Ngiap Joo has resigned as chairman while Norman Ip Ka Cheung has resigned as group managing director.

See: United Engineers appoints Yanlord, Perennial CEOs as new directors

Meanwhile, Roy Tan Chee Keong has been appointed group managing director while Zhong Sheng Jian will be assuming role of executive chairman.

Perennial also announced that Lee Suan Hiang, an independent director on its board, has also been appointed as an independent non-executive director on the board of UE.

Shares in UE closed at $2.72 on Tuesday.