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SIC throws out Keppel's 8-week restriction clause

Samantha Chiew
Samantha Chiew12/22/2021 11:33 PM GMT+08  • 2 min read
SIC throws out Keppel's 8-week restriction clause
SIC throws out Keppel's 8-week restriction clause
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The Securities Industry Council (SIC) has disregarded a clause in Keppel’s offer that restricts Singapore Press Holdings (SPH) from holding a scheme meeting for a rival offer within eight weeks from the Keppel scheme meeting.

This is the latest development in the takeover battle for SPH by Keppel and Cuscaden Peak, a consortium comprising Hotel Properties (HPL), Ong Beng Seng, and Temasek-linked entities, CLA and Mapletree.

In a Dec 22 filing, Keppel says that it will abide by the SIC ruling. Keppel believes that these arrangements (between Keppel and SPH in response to the possible offer made by Cuscaden Peak) were in keeping with the integrity of the thorough auction process ran by SPH as part of the strategic review of SPH's businesses, which resulted in Keppel being selected as the preferred bidder.

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