SPH, the Pubic Eye, Watches a Bidding Face‑off
Picture this: two big‑name buyers are vying for control of Singapore Press Holdings (SPH). The two—Keppel Corp and Cuscaden Peak—are both backed by Singapore’s big money maker, Temasek. The stakes? A crazy mixture of property, student housing and elderly care services.
Who’s Who
- Keppel Corp – the pro‑builder, offering US$2.8 billion (about S$3.79 billion) for a 2.351 share claim.
- Cuscaden Peak – a consortium led by billionaire Ong Beng Seng through Hotel Properties, plus two Temasek‑managed portfolio firms, luring investors with an extra $3.9 billion.
What’s the Plan?
After Keppel’s sweetened offer of $3.9 billion, Cuscaden wants shareholders to first throw the fat at Keppel’s bid— “vote against” it—and then later vote in prefer the company’s own offer. Christopher Lim, the man in charge for Hotel Properties, says, “We’ll be reaching out to shareholders all over the place.”
Shareholder School of Thought
SPH insiders have already signed an implementation agreement, and the independent directors are primed to forward the deal to the public. Lim calls this move “unprecedented,” highlighting that shareholders get to vote on Keppel’s “inferior” bid first.
He plans to spread word via paid ads and social media, pushing the message that the deal is “better,” even though SPH shares climbed 1.7 percent to $2.37.
Regulatory Boost
Keppel just confirmed it has all the approvals it needs, so the deal is on a “faster” track. Maybe the market feels that this is the “right” move.
Bottom Line
In short, SPH is at the center of an unlikely showdown, with shareholders set to decide who ends up moving the property and care empire. Will it be the more aggressive Cuscaden or the steadier Keppel? Only the next voting session will tell—watch for the ballots.
