SINGAPORE (Reuters) – Singapore Press Holdings (SPH) mentioned on Tuesday its shareholders had accepted acquisition by Cuscaden Peak, after it introduced it was terminating rival bidder Keppel Corp’s provide.
Each Cuscaden Peak and Keppel Corp are linked to state investor Temasek, and the deal had sparked a uncommon bidding struggle between the 2 teams, with the previous providing S$2.40 per share, or S$3.9 billion ($2.87 billion), and the latter providing S$2.351 per share or S$3.74 billion for SPH’s actual property enterprise.
Keppel Corp, which counts Temasek Holdings as a significant shareholder, has beforehand mentioned it didn’t agree with SPH’s transfer to terminate its provide. The conglomerate has filed an arbitration discover with the Singapore Worldwide Arbitration Centre.
Cuscaden Peak, a consortium of property tycoon Ong Beng Seng’s Lodge Properties and two independently managed portfolio firms of Temasek, clinched the acquisition, SPH mentioned in a press release. It would achieve entry to SPH’s actual property portfolio, which incorporates malls, residential properties, scholar lodging and nursing houses, however not its loss-making media enterprise, which was separated from the corporate final yr.
A Singapore court docket is predicted to approve the Cuscaden takeover round April 5, and shareholders can anticipate to start out receiving funds from Might 11, SPH mentioned.
SPH has additionally been granted permission by the Singapore Trade to skip asserting its monetary leads to the primary half of this yr, topic to shareholder approval.
($1 = 1.3578 Singapore {dollars})
Reporting by Chen Lin in Singapore; Enhancing by Kanupriya Kapoor
