Singapore Press Holdings, which is the target of a bidding tussle, has been granted the go ahead by the court on Feb 14 to hold a meeting for shareholders to decide if they want to accept an offer by Cuscaden Peak.
“As such, the company will continue with its preparations to allow shareholders to consider and vote on the Cuscaden scheme,” states SPH on Feb 14.
Cuscaden Peak, a three-way consortium formed by Hotel Properties, Mapletree Investments and CapitaLand, have tabled an all-cash offer of $2.36 for each SPH share held.
Alternatively, SPH shareholders can choose to receive a mix of $1.602 in cash, and 0.782 SPH REIT unit for every SPH share.
Rival SPH bidder Keppel Corp, in contrast, has put forward a “final” offer for $0.868 in cash, 0.782 SPH REIT and 0.596 Keppel REIT.
Keppel Corp’s offer has been rebuffed by SPH. In response, Keppel Corp has on Feb 9 filed arbitration proceedings against SPH.
See also: Sembcorp issues $350 mil of guaranteed notes due 2036 at 3.65%
SPH closed on Feb 14 at $2.32, down 0.43% for the day.
