With Cuscaden Peak raising its offer for Singapore Press Holdings (SPH) on Nov 15, UOB Kay Hian analysts Llelleythan Tan and John Cheong have recommended SPH shareholders to accept the highest offer.

As it stands, Cuscaden Peak’s offer currently provides a higher consideration and price stability, note the analysts in a Nov 16 report.

“With the new revised offer by Cuscaden, SPH is valued at 1.1 times FY2022 price-to-book (P/B), and 21.5 times/21.8 times FY2022 price-to-earnings (P/E). Given higher total consideration, larger cash component, better price stability and Keppel’s revised offer of $2.351/share being final, we recommend shareholders to accept the highest offer which is currently Cuscaden’s offer, barring a superior competing offer for SPH as a whole,” write Tan and Cheong.

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