SPH shareholders may choose all cash consideration upon acquisition
The all-cash consideration offers $2.36 per share.
Cuscaden Peak Ltd. has dispatched election forms to shareholders of the Singapore Press Holdings (SPH) on whether they want cash and units consideration or all-cash consideration per share uponCuscaden’s acquisition of SPH.
In a joint disclosure, they said SPH Shareholders may opt for an all-cash consideration of $2.36 for each share.
The election period will run from 9 am on 14 April until 5:30 pm on 26 April 2022, whilst the effectivity of the scheme is on or around 29 April.
If the shareholder wants the default option of cash and units consideration of $2.4 per share, comprising $1.602 in cash per share and $0.798 SPH REIT Units, they do not need to take action.
In the absence of any valid election or a failure of election, the eligible shareholder shall be deemed to have elected the default option.
In a separate disclosure, Cuscaden may reduce the minimum chain offer price per SPH REIT, if the offeror concert parties own 30% or more of the SPH REIT Units when the shareholders opted for the all-cash consideration.
The offeror company may be required to undertake the chain offer if the offeror concert parties own 3.30% or more of the SPH REIT units, with the minimum priced at $0.964 per SPH REIT unit.
Cuscaden may reduce the minimum by $0.0124 per SPH REIT Unit which was announced by the SPH REIT Manager on 9 February and peid to unitholders on 28 February, and by $0.0144 per unit as announced by the manage on 1 April and to be paid to unitholders on 20 May.