Temasek-backed Cuscaden announces offer for SPH
Two options were elaborated in their announcement.
Cuscaden Peak Pte. Ltd. entered into an Implementation Agreement with Singapore Press Holdings (SPH) to acquire all the issued and paid-up ordinary shares in the capital of SPH.
Under the Cuscaden Scheme, each SPH shareholder can choose between an All Cash Consideration or a Cash and Units Consideration, with both options having a consideration value of up to $2.4001 per share.
SPH recognised this offer as superior to the Keppel Scheme with a consideration value of up to S$2.351 per share. This led the SPH Independent Directors to view against the Keppel Scheme and voted in favour of the Cuscaden Scheme.
The transaction is expected to be completed by February 2022.
A chain offer may also be triggered in compliance with the Take-Overs and Mergers Code, which, if Cuscaden and its parties hold more than 30% of SPH REIT units. If put into effect, the minimum offer price will be $0.964 per SPH REIT Unit.