SINGAPORE, Reuters – Singapore Press Holdings said that it has decided to exercise its rights to terminate bidder Keppel. (OTC:) Corp offered. This will enable SPH shareholders vote on a competing bid of S$3.9 billion ($2.9B) from a tycoon-backed company.

“The board wants to remind shareholders that after consultation with Securities Industry Council (SIC), the company has ruled it does not object to the company’s exercising of the right to terminate,” SPH announced in a late Wednesday statement.

Conglomerate Keppel which includes Temasek Holdings, a state investor, as a major shareholder said that its wholly-owned unit didn’t agree with SPH and filed an arbitration notice at the Singapore International Arbitration Centre.

Keppel was interested in SPH’s global property portfolio, including student housing and senior care homes.

Cuscaden (a group consisting of billionaire property tycoon Ong Beng Seng’s Hotel Properties, and two independent portfolio companies managed by Temasek) came up against a competitor offer.

Cuscaden made a better offer than the other group that had been linked to Temasek. This was supported by independent directors of SPH in November.

Christopher Lim (Group Executive Director at Hotel Properties Limited) and spokesperson on behalf of Cuscaden said that the latest SIC ruling allows SPH to accelerate the process to present the Cuscaden Offering for SPH shareholders.

Cuscaden offered S$2.40 per Share, which is S$3.9 Billion, and Keppel, S$2.351 Per Share, or S$3.74 Billion.

($1 = 1.3420 Singapore dollars)