Q: Is the bidding war for SPH real?
A: Does it matter for investors whether it is real? What does all the smoke really signal? 

Last December, five friends (including senior executives of listed companies, entrepreneurs and investors) gathered. Over dinner, drinks and mutual poking in the eyes, we pondered the exclusion of Singapore Press Holdings (SPH) from the Straits Times Index (STI). 

The fall from grace was even more notable when considering the fact that the company publishes the newspaper that gave the Singapore market index its name. 

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