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

16-Nov-2021 Intellasia | Reuters | 10:20 AM Print This Post

Keppel Corp (KPLM.SI) maintained on Tuesday its revised offer of S$2.351 per share to buy Singapore Press Holdings (SPRM.SI), excluding its media business, a day after Cuscaden Peak swooped in with a superior bid for the media and real estate firm.

Cuscaden Peak a consortium of billionaire property tycoon Ong Beng Seng’s Hotel Properties (HPPS.SI) and two independently managed portfolio companies of Singapore state investor Temasek Holdings hiked its cash-plus-stock offer on Monday by around 14 percent to S$2.40 per share.

The hike in Cuscaden Peak’s offer came on the heels of a sweetened “final” bid by conglomerate Keppel last week that valued Singapore Press at $2.8 billion.

“We will continue to maintain price discipline, and will not go beyond the proposed acquisition’s intrinsic value to Keppel,” the conglomerate said in a statement on Tuesday.

“We believe that Keppel’s final offer is a compelling one and a win-win proposition.”

Both groups are battling for Singapore Press’ global portfolio of property assets, student accommodation and elderly care homes. billion-bid-singapore-press-despite-superior-offer-2021-11-16/


Category: Singapore

Print This Post

Comments are closed.