Keppel stands firm on $2.351 per SPH share offer
Keppel calls its offer compelling and a win-win proposition.
Keppel said that the offer it made on 9 November for Singapore Press Holdings (SPH) is "firm and irrevocable."
"Keppel’s final consideration of $2.351/SPH share represents a compelling 57% premium to SPH’s undisturbed trading price on 30 March 2021. The final consideration will depend on the unit prices of the two REITs," Keppel's spokesperson said.
The group points to the obtaining of regulatory approvals from the Foreign Investment Review Board of Australia and the Monetary Authority of Singapore.
Keppel has also waived its walk away right under the Material Adverse Effects clause. Compared to the Cuscaden scheme, the clause is still in effect, with the waiving only taking effect on the despatch of the Cuscaden Scheme Document.
Under the group’s offer, shareholders will get future cash distributions from SPH REIT and Keppel REIT. This is on top of receiving Keppel REIT units at a 10% discount.
“We believe that Keppel’s final offer is a compelling one and a win-win proposition which would be put to both Keppel Corporation’s and SPH’s shareholders for their respective decisions."