Singapore Press Holdings (SPH), unloved and removed from the Straits Times Index in June 2020, is now the subject of two offers, from Keppel Corp and Cuscaden Peak. Both companies believe they have compelling offers for SPH. 

Keppel Corp is listed on the Singapore Exchange (SGX), and counts Temasek as a 20.97% shareholder. Cuscaden Peak is a consortium comprising Tiga Stars, a subsidiary of Hotel Properties (HPL); CLA Real Estate Holdings which holds 100% of CapitaLand; and Mapletree. Tiga Stars, CLA and Mapletree own 40%, 30% and 30% respectively of Cuscaden. 

Cuscaden’s latest offer to SPH shareholders, announced on Nov 15, is for either $2.36 per share in cash, or $2.40 comprising $1.60 in cash and 0.782 SPH REIT units. Keppel’s final offer as at Nov 9 is  $2.351, comprising the REITs, with just $0.868 in cash, 0.782 SPH REIT units and 0.596 Keppel REIT units. 

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