SPH Says New Cuscaden Scheme Is Superior To The Keppel Final Offer
November 15, 2021 – Cuscaden Peak entered into an Implementation Agreement with Singapore Press Holdings (SPH) to acquire all the issued and paid-up ordinary shares in the capital of SPH, by way of a scheme of arrangement.
Under the Cuscaden Scheme, each SPH shareholder has the option to choose to receive either: (1) S$2.360 per SPH share, paid fully in cash, or (2) S$1.602 in cash and 0.782 SPH REIT units with an illustrative value of S$2.4001 per SPH share.
SPH acknowledges that the Cuscaden Scheme is superior to the Keppel Scheme.
“Subject to IFA’s opinion and in the absence of a Superior Competing Offer, SPH Independent Directors preliminarily recommend to SPH shareholders to vote AGAINST the Keppel Scheme at the scheme meeting in relation to the Keppel Scheme; and vote IN FAVOUR OF the Cuscaden Scheme at the Cuscaden Scheme Meeting,” SPH said.
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