Keppel Corp unveils privatization offer for Keppel Land

It’s paying $4.38 per share.

After days of market speculation, Keppel Corporation today launched a voluntary unconditional cash offer for all the remaining shares of Keppel Land.

Kepcorp currently owns 54.6% of Kepland. The firm is adopting a two-tier offer price approach for the privatisation of KepLand.

The first tier involves a base offer price of $4.38 for each Kepland share, a price which exceeds the highest closing price of Kepland shares over the past three years preceding the offer.

The price also represents a premium of 25%, 29% and 28% over the one-month, three-month and six-month volume weighted average price of Kepland shares.

The second tier involves a higher offer price of $4.60 for each Kepland share, to be paid when Kepcorp acquires Kepland shares or receives acceptances that will entitle it to exercise its rights of compulsory acquisition under the Companies Act.

The higher offer price, if applicable, will be paid to all shareholders who have accepted the offer, including those who have accepted the offer at the Base Offer Price.

“Kepcorp believes its Base Offer Price is a fair and compelling offer to Kepland shareholders, amid Kepland's latest financial performance and the current environment it is operating in. The Higher Offer Price is designed to reward Kepland shareholders if Kepcorp is able to privatise Kepland. Kepcorp does not intend to revise the Offer Price,” stated Kepcorp in a release.

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