Keppel’s attempt to take over SPH suffered a setback, with a ruling striking down its condition delaying a vote on Cuscaden’s competing bid.
SG stocks Wed., 15 Dec 2021: Sembcorp, SembMarine, ComfortDelGro, Olam, Keppel, Keppel REIT, QT Vascular, Vibrant, Hyphens Pharma, Rex and Informatics.
Cuscaden Peak said the difference in value between its offer for SPH and Keppel’s has actually widened since November.
Keppel’s shareholders have overwhelmingly approved the company’s bid to take over SPH at an EGM, sending the ball to SPH’s shareholders next.
Singapore companies announcing executive changes: Keppel REIT, OxPay Financial, Raffles Medical and Thomson Medical.
SG stocks in focus Wed., 1 Dec. 2021: ST Engineering, MUST, Keppel REIT, Keppel, Boustead Projects, AREIT, SingPost, ESR-REIT, Sabana REIT, Darco Water and Astaka.
Keppel REIT said it entered a deal to acquire all of a Grade-A office building under development in North Sydney, Australia, for a A$327.7M.
Cuscaden Peak’s bid to snatch SPH from Keppel has cleared key regulatory hurdles in Singapore, moving its offer closer to the finish line.
The CSOP iEDGE S-REIT Leaders Index ETF ended its first day of trade at S$0.993, down a smidgeon from its issue price of S$1.00.
Despite Cuscaden Peak upping the ante on its bid for SPH, Keppel Corp. said Tuesday it was letting its existing offer ride.
Cuscaden’s bid for SPH is “probably” superior to Keppel’s, but it’s not superior by much, said Travis Lundy, an analyst at Quiddity Advisors.
Cuscaden Peak has won the bidding war over SPH, entering an implementation deal after its sweetened bid beat Keppel’s final offer.