Cuscaden Peak, a company formed by a consortium comprising Tiga Stars, Adenium and Mapletree Fortress have made a rival offer to acquire Singapore Press Holdings (SPH) on Oct 28.

See: Keppel Corp makes $2.2 bil offer to acquire SPH's non-media portfolio; SPH valued at $3.4 bil

Tiga Stars, Adenium and Mapletree Fortress are subsidiaries of Hotel Properties, CLA Real Estate Holdings and Mapletree Investments respectively.

They each hold respective stakes of 40%, 30% and 30% in the consortium.

CLA is an independently managed portfolio company of Temasek Holdings.

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Tiga Stars is also partly owned by businessman Ong Beng Seng.

Under the terms of the proposed acquisition, the consortium has proposed to pay a consideration of $2.10 per share, which will be paid out fully in cash.

The proposed consideration will not be reduced or adjusted for the final dividend declared by SPH for the FY2021, or break fee payable under the Keppel scheme.

The proposed acquisition is subject to the acceptance and finalising of the terms by SPH, and SPH and Cuscaden entering into definitive agreements to effect the scheme.

In its proposal, Cuscaden has stated that it is ready to work closely with the board.

The approval of the proposed scheme is also subject to the approval of at least 75% -- or three-fourths – in value of the shareholders of SPH present and voting at the scheme meeting.

According to the statement put out by Cuscaden Peak, SPH has not entered into any definitive legally binding agreement with the consortium in relation to the proposed acquisition and scheme.

Shares in SPH closed flat at $1.99 on Oct 28.