Both parties, with ties to Temasek Holdings, sweetened their respective offers since then but Cuscaden's, as it stands, still tops Keppel's.
Keppel Corp has commenced arbitration proceedings against Singapore Press Holdings (SPH) for trying to walk away from its takeover offer of the property company.
Keppel, via subsidiary Keppel Pegasus, had offered to takeover SPH last August. Just when most market watchers thought the deal was done, a consortium, Cuscaden Peak, made up of Hotel Properties, Mapletree and CLA Real Estate Holdings tabled a more attractive offer in October.
