SPH REIT is set to remain listed as acceptance of Cuscaden Peak’s chain offer for all of its units was limited.
Cuscaden Peak is likely “happy” to keep SPH REIT as a listed entity while collecting REIT-management fees, Daiwa said in a note Thursday.
Cuscaden Peak’s offer to acquire all of SPH REIT’s units has become unconditional, as acceptances pushed its holding over the 50% threshold.
The independent financial advisor (IFA) has advised SPH REIT unitholders accept Cuscaden Peak’s offer, according to the circular.
The unitholders of Mapletree Commercial Trust and Mapletree North Asia Commerical Trust (MNACT) approved the merger of the two REITs Monday.
Singapore company briefs: VCPlus, Cuscaden Peak, SPH REIT and Hotel Properties, PEC Ltd. and Sakae Holdings.
Cuscaden Peak, the consortium which bought SPH, has set the price for its chain offer for all the units of SPH REIT at S$0.9372 a unit.
Cuscaden Peak, the consortium which bought SPH, is required to make a chain offer for all of SPH REIT, according to an SGX filing Thursday.
Cuscaden Peak’s consortium members will review SPH to evaluate strategic options, including re-organization, consortium member HPL said.
It’s crunch time for SPH shareholders to choose either cash or cash and SPH REIT units as their consideration for Cuscaden Peak’s takeover.
Cuscaden Peak’s bid for SPH has received the approval of Singapore’s court, and is set to be completed, according to an SGX filing Friday.
SPH and SPH REIT have requested trading halts Thursday, with the Singapore court hearing to sanction Cuscaden Peak’s bid for SPH on Friday.