The Edge - Is Wheelock in play for SC Global?(Z) By Joan Ng Simon Cheong’s bid to take SC Global Developments private has just become a bit more interesting. Wheelock Properties (Singapore) announced last night that it has purchased 1.1 million SC Global shares on the open market at $1.81 apiece. The company now has a 16.1% stake in SC Global. What does this mean for Cheong’s privatisation attempt? On Dec 5, the SC Global chairman and CEO launched a cash offer for SC Global at $1.80 a share. That represented a premium of 49.4% to its last traded price, a 57.2% premium to its 1-month volume weighted average price (VWAP), a 71.1% premium to its 12-month VWAP and a 39.5% premium to the highest closing price for the shares in the last 12 months. Cheong, who owned 55.1% of the company prior to the offer, says he is seeking to de-list and privatise SC Global in part because of its low trading liquidity. His offer document claims that this is the highest premium offered for a real estate company in Singapore in (more...)