Cuscaden Peak, which intends bid for Singapore Press Holdings, has confirmed the minimum chain offer price for SPH REIT, if and when it formally makes the offer, to be 96.4 cents.
SPH owns 66.27% of separately-listed SPH REIT and such "chain offers" are required under rules of the SIC.
Cuscaden Peak is a consortium comprising Hotel Properties (HPL), CLA Holdings and Mapletree Investments (which are private companies owned by Temasek).
Last Friday, it indicated its intention to launch a rival offer for Singapore Press Holdings with an all-cash offer of $2.10.
The earlier offer for SPH was made by Keppel Corp, which has put on the table a mix of cash of S$0.668 per share, 0.596 Keppel Reit unit (valued at S$0.715) and 0.782 SPH Reit unit (valued at S$0.716) per share, which at time of offer has a total value of $2.099.
Keppel has ten business days from last Friday to improve its offer.
On Nov 1, SPH REIT ended Nov 1 at $1.04 cents in anticipation of a chain offer. SPH closed at $2.12.