Keppel sticks to $2.8b bid for Singapore Press despite superior offer

Photo by Kit Suman on Unsplash

Keppel Corp maintained on Tuesday its revised offer of S$2.351 per share to buy Singapore Press Holdings, excluding its media business, a day after Cuscaden Peak swooped in with a superior bid for the media and real estate firm.

Cuscaden Peak – a consortium of billionaire property tycoon Ong Beng Seng’s Hotel Properties and two independently managed portfolio companies of Singapore state investor Temasek Holdings – hiked its cash-plus-stock offer on Monday by around 14% to S$2.40 per share.

The hike in Cuscaden Peak’s offer came on the heels of a sweetened “final bid by conglomerate Keppel last week that valued Singapore Press at $2.8 billion.

“We will continue to maintain price discipline, and will not go beyond the proposed acquisition’s intrinsic value to Keppel,” the conglomerate said in a statement on Tuesday.

“We believe that Keppel‘s final offer is a compelling one and a win-win proposition.”

Both groups are battling for Singapore Press‘ global portfolio of property assets, student accommodation and elderly care homes.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.