SINGAPORE – That Singapore Press Holdings (SPH) shareholders voted in favour for the demerger of the media business was not a big surprise, but the upcoming vote for Keppel Corp’s $2.2 billion takeover-cum-privatisation offer may not be as straightforward, some market observers say.
SPH shareholders have voted in favour of the media restructuring plan, which will involve hiving off its entire media-related business to a company limited by guarantee (CLG) – a not-for-profit entity that will initially receive $125.8 million in financial help from SPH. This includes $80 million in cash and $30 million in SPH shares and SPH Reit units.
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