Singapore Press Holdings (SPH) has appointed Evercore Asia (Singapore) as the independent financial advisor to advise its independent directors on the proposed acquisition by Keppel Corporation for the purposes of making a recommendation to its shareholders.
In an Aug 4 regulatory filing, SPH said that a composite document containing Evercore’s advice as well as the recommendations of the independent directors will be sent to shareholders in due course.
The announcement follows Keppel Corp’s offer on Aug 2 to privatise SPH’s non-media business through a scheme of arrangement. This is subject to SPH shareholders’ approval of the media restructuring plan.
See: Keppel Corp makes $2.2 bil offer to acquire SPH's non-media portfolio; SPH valued at $3.4 bil
The deal values SPH at $3.4 billion, while Keppel’s share amounts to $2.2 billion. It requires approval from shareholders of both SPH and Keppel.
If it goes through, SPH will be delisted and become a wholly-owned subsidiary of Keppel. Keppel meanwhile will hold some 20% stakes in both SPH REIT and Keppel REIT.
See also: Sembcorp issues $350 mil of guaranteed notes due 2036 at 3.65%
The deal is subject to the successful completion of the proposed media restructuring. The publisher had, earlier in May, announced plans to spin-off its media business into a not-for-profit entity.
Shares in SPH closed flat at $1.92 on Aug 4.
Photo: Albert Chua/The Edge Singapore
