Analysis & Comment

Temasek-linked consortium hikes bid for Singapore Press Holdings to $2.88 billion

FILE PHOTO: A view of the media and real estate company Singapore Press Holdings Ltd (SPH) office in Singapore November 3, 2021. REUTERS/Caroline Chia

(Reuters) -Cuscaden Peak, a consortium linked to Singapore state investor Temasek Holdings, has raised its bid for media and real estate company Singapore Press Holdings Ltd (SPH) to about S$3.9 billion ($2.88 billion), the companies said on Monday.

Cuscaden’s new offer, of S$2.4 per SPH share, is a near 15% jump from its initial bid of S$2.1 per share and also tops Keppel’s rival offer of S$2.351.

The latest offer by the consortium Cuscaden, which includes billionaire hotelier Ong Beng Seng and two firms affiliated with Temasek, provides a materially higher proportion of cash, SPH added.

The new offer heats up the potential bidding war among investors eyeing SPH’s property assets, which include malls, student accommodation and facilities for care of the elderly.

Both offers are conditional on SPH completing a planned spinoff of its media business.

($1 = 1.3521 Singapore dollars)

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