Keppel, the conglomerate, has increased its acquisition of Singapore Press Holdings (SPH), but excluding its media business, which has intensified the competition with state-owned investor Temasek Holdings for control of media and real estate companies. Purchase war.
Singapore’s Keppel stated in a statement late on Tuesday (November 9) that it is now offering SPH shareholders an offer of S$2.351 per share in the form of cash plus shares, which is higher than its original offer of S$2.099. , And the bid is higher than the S$2.1 per share of the Temasek-related consortium.
A few weeks ago, the consortium Cuscaden Peak made a higher offer to Keppel, intensifying the bidding war among investors who are concerned about SPH real estate assets, including shopping malls, student dormitories and elderly care facilities.
Keppel’s revised offer is “final and will not increase” and includes increasing the cash portion of the offer by S$20 per share and valuing SPH at S$3.74 billion (US$2.77 billion).
“Although we think this is an attractive acquisition, Keppel will maintain discipline. We will not acquire Newspaper Holdings at all costs and made it clear that this is the ultimate consideration,” said Keppel CEO Luo Zhenhua.
He added: “If the transaction is completed, SPH shareholders can receive the consideration before mid-January 2022.”
Keppel’s revised bid represents an 8.8% premium to Newspaper Holdings’ last closing price of SGD 2.160.
Since the offer was made in late October, SPH has been cooperating with Cuscaden, acknowledging Keppel’s revised bid in a separate statement, and stated that it will hold a planning meeting before December 8 to allow shareholders to decide on the revised bid.
Newspaper Holdings holds shares in several shopping malls in Singapore and Australia, has its own student dormitories in the UK and Germany, a private nursing home in Singapore, and elderly care assets in Japan.
