Keppel sticks to final $2.8 bln bid for Singapore Press despite superior offer

  • 11/16/2021
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Nov 16 (Reuters) - Keppel Corp (KPLM.SI) maintained on Tuesday its revised offer of S$2.351 per share to buy Singapore Press Holdings (SPRM.SI), excluding its media business, a day after Cuscaden Peak swooped in with a superior bid for the media and real estate firm. Cuscaden Peak - a consortium of billionaire property tycoon Ong Beng Seng"s Hotel Properties (HPPS.SI) and two independently managed portfolio companies of Singapore state investor Temasek Holdings - hiked its cash-plus-stock offer on Monday by around 14% to S$2.40 per share.The hike in Cuscaden Peak"s offer came on the heels of a sweetened "final" bid by conglomerate Keppel last week that valued Singapore Press at $2.8 billion. "We will continue to maintain price discipline, and will not go beyond the proposed acquisition"s intrinsic value to Keppel," the conglomerate said in a statement on Tuesday. "We believe that Keppel"s final offer is a compelling one and a win-win proposition." Both groups are battling for Singapore Press" global portfolio of property assets, student accommodation and elderly care homes.

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