Stock Groups

Keppel sticks to final $2.8 billion bid for Singapore Press despite superior offer -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is a view of Singapore Press Holdings Ltd’s (SPH) offices in Singapore on November 3, 2021. REUTERS/Caroline Chia

(Reuters) – Keppel (OTC) Corp kept Tuesday’s revised offer at S$2.351 per shares to purchase Singapore Press Holdings. This was a day after Cuscaden Peak made a stronger bid for Singapore Press Holdings.

Cuscaden Peak, a group of property mogul Ong Beng Sng’s Hotel Properties and Temasek Holdings portfolio companies managed independently by billionaires, raised its cash-plus stock offer Monday by approximately 14% to S$2.40 each share.

After a sweetened offer by Keppel, which valued Singapore Press last week at $2.8 billion, Cuscaden Peak offered to hike its price.

The conglomerate stated in a Tuesday statement that it will maintain price discipline and not exceed the intrinsic value of the acquisition.

We believe Keppel’s last offer to be compelling and win-win.

Each group is fighting for Singapore Press’ international portfolio of property assets and student accommodation, as well as elderly care homes.

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