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Bond Market News

Cuscaden Tops Keppel’s Offer for SPH to S$2.40/Share

November 15, 2021

The bidding war between Keppel Corp and consortium Cuscaden Peak is heating up as Cuscaden has raised its offer to take SPH private. Cuscaden is now offering S$2.40 per share, valuing SPH at S$3.9bn, beating Keppel’s offer of S$2.351 per share. Under the revised offer, SPH shareholders can choose to receive either S$2.40 per share, comprising S$1.602 of cash and 0.782 SPH REIT units (valued at S$0.798 per share) or S$2.36 cash only. In an exchange filing, SPH said, “In both options, the Cuscaden scheme consideration is higher than the Keppel scheme consideration in terms of total value, and also provides a materially higher proportion of cash.” Cuscaden Peak is a consortium led by Hotel Properties, its founder Ong Beng Seng, and Temasek units Mapletree and CLA Real Estate Holdings. SPH shareholders will still be voting on Keppel’s offer on December 8 with the independent directors recommending shareholders to vote against the offer. Only after they vote against the Keppel scheme can they vote on the latest Cuscaden offer.

SPH’s SGD 4.5% Perps traded 0.06 points higher to 100.489 yielding 4.29%.

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