SINGAPORE – Shareholders of Singapore Press Holdings should wait longer earlier than they’ll vote on Keppel Corp’s ultimate provide.
SPH’s board mentioned that “on account of a delay arising solely from a specified occasion”, the Keppel scheme assembly will likely be held after Dec 8.
Initially, primarily based on an settlement between SPH and Keppel, the Keppel scheme assembly was to be held no later than Dec 8. Nonetheless, the settlement allowed for a delay arising solely from a “specified occasion”, mentioned SPH on Wednesday night time (Nov 24).
Such a “specified occasion” contains acquiring the requisite approvals from regulators such because the Securities Trade Council and the Singapore Alternate, or finalisation of the unbiased monetary adviser ‘s (IFA) opinion, the corporate mentioned.
It would inform shareholders of the brand new date for the Keppel scheme assembly sooner or later, SPH added.
Keppel and a rival consortium, Cuscaden Peak, are locked in a bidding struggle for SPH, with each side in search of to take action through a scheme of association.
SPH’s unbiased administrators have recognised the Cuscaden Peak provide as superior to Keppel’s and have made a preliminary advice – topic to the opinion of the IFA – for SPH shareholders to vote towards the Keppel scheme.
However beneath the supplemental letter signed on Nov 9 as a part of Keppel’s revised provide, SPH can not take any motion to carry another scheme assembly inside eight weeks from the date of the Keppel scheme assembly – although this may be waived if shareholders vote towards the Keppel scheme.
So SPH shareholders will likely be allowed to vote on the Cuscaden Peak scheme provided that they flip down the Keppel provide on the now-delayed Keppel scheme assembly.
Cuscaden Peak has mentioned that that each scheme conferences must be held on the identical time for SPH shareholders to determine,
Cuscaden Peak final week countered Keppel’s provide of $2.351 per SPH share with a sweetened bid of as much as $2.40 per SPH share.
The Cuscaden Park provide is available in two choices: $1.602 money and 0.782 of an SPH Reit unit by means of a distribution in-specie; or an all-cash possibility of $2.36 per share.
Keppel’s ultimate provide of $2.351 contains 86.8 cents per SPH share plus 0.596 of a Keppel Reit unit and 0.782 of an SPH Reit unit.
