Keppel Corp rushing to beat today’s deadline for KepLand privatisation bid

It’s still short of the mandatory acquisition threshold.

Keppel Corp is rushing to beat the deadline for its privatisation bid for KepLand, which closes at 5:30pm today.

Keppel Corp yesterday revealed to the SGX that its ownership of Keppel Land's shares is at 80.8%, short of the compulsory acquisition threshold of 90%.

According to Nicholas Teo of CMC Markets, Keppel Land's current market price of $4.54 is between the base offer of $4.38 and the higher offer price of $4.60.

“Looking also at the chart of Keppel Corp, a symmetrical triangle bearish pattern looks like it could complete over the days ahead. Traders may watch out for news from this front that may trigger a breakout on either side,” Teo noted.