SINGAPORE: An eight-month takeover battle for NatSteel Ltd looks set to end in bitter stalemate today, setting the stage for a messy boardroom brawl between two powerful Asian tycoons for control of the cash-rich steel miller.
Investment bankers expect Malaysia-born hotel magnate Ong Beng Seng’s conditional takeover offer of S$2.06 a share for NatSteel – valuing the company about S$750mil – to lapse when it closes today. There have been 4 extensions and just as many revisions since he mounted the bid in October.
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