Singapore Press to terminate Keppel’s supply, strikes forward with rival bid By Reuters

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© Reuters. FILE PHOTO: A view of the media and actual property firm Singapore Press Holdings Ltd (SPH) workplace in Singapore November 3, 2021. REUTERS/Caroline Chia

SINGAPORE (Reuters) – Singapore Press Holdings (SPH) stated it had determined to train its proper to terminate bidder Keppel (OTC:) Corp’s supply and can enable SPH shareholders to vote on a rival S$3.9 billion ($2.9 billion) bid from a tycoon-backed group.

“The board want to replace shareholders that, following session by the corporate with the Securities Trade Council(SIC) relating to the termination proper, the SIC has dominated that it has no objections to the corporate’s train of the termination proper,” SPH stated in a press release late on Wednesday.

Conglomerate Keppel, which counts state investor Temasek Holdings as a significant shareholder, stated its fully-owned unit didn’t agree with SPH’s transfer and it filed an arbitration discover with the Singapore Worldwide Arbitration Centre.

Keppel made a suggestion in August to purchase SPH’s international portfolio of property property, pupil lodging and aged care properties.

However Cuscaden – a consortium of billionaire property tycoon Ong Beng Seng’s Lodge Properties and two independently managed portfolio corporations of Temasek – got here up with a rival supply.

The uncommon bidding warfare between two teams linked to Temasek then resulted in Cuscaden making the next supply that was backed by SPH’s unbiased administrators in November.

“With the newest SIC ruling, SPH and Cuscaden can transfer ahead expeditiously to desk the Cuscaden Provide for SPH shareholders to vote,” Christopher Lim, Group Govt Director of Lodge Properties Restricted and spokesperson for Cuscaden, stated in a press release.

Cuscaden had supplied round S$2.40 per share, or S$3.9 billion, whereas Keppel supplied S$2.351 per share, or S$3.74 billion.

($1 = 1.3420 Singapore {dollars})

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