SPH bidding war: Cuscaden counters Keppel with higher offer of $3.9b

The offer is superior to Keppel’s $3.8b.

The bidding war between Cuscaden and Keppel has become more heated as the former revised its offer to $3.9b to buy all of Singapore Press Holdings’ (SPH) shares.

Under Cuscaden’s offer, SPH shareholders can choose between a $2.36/share full cash offer or a cash-plus-stock offer of $1.602 cash/share and 0.782 SPH REIT/share.

SPH said Cuscaden’s offer is superior to Keppel’s (KEP) revised offer of $3.8b or a cash-plus-stock offer of S$2.351/share.

If there will be no further offers, UOBKayHian recommended that SPH accept the highest offer, which is currently Cuscaden’s offer, since it “provides higher consideration and price stability.”

SPH is expected to vote either in favour or against KEP’s scheme on 8 December 2021.

If SPH shareholders reject KEP’s scheme, Cuscaden’s scheme meeting, which can only be held eight weeks after KEP’s, would then be held.

UOB said they are still uncertain on how the bidding war would end as KEP’s scheme has received “all domestic and international regulatory approvals whereas Cuscaden has not.”

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