Following an unusual takeover fight between bids backed by state investment firm Temasek Holdings Pte, a Singapore tycoon-led consortium has gained authorization to purchase the media and property company in the city-state.
Singapore Press Holdings Ltd. announced Tuesday that shareholders approved the bid by Cuscaden Peak Pte. – a partnership led by hotelier Ong Beng Seng and comprised units of the city's investment conglomerate. According to the release, the proposal valued the firm at S$3.9 billion ($2.9 billion).
Since late Monday, the company's shares have been halted.
Acceptance of Cuscaden's bid by shareholders signifies the imminent end of a corporate acquisition fraught with complications. SPH and rival bidder Keppel Corp., whose largest shareholder is also Temasek, are embroiled in arbitration following Keppel's withdrawal of their offer last month.
Cuscaden will purchase commercial centers in Singapore and Australia, student housing in the United Kingdom and Germany, and a local nursing care network as part of the transaction. Additionally, SPH has investments in the education and events industries.
Bidding War
SPH shares will be stopped for trading on April 8 and the merger is likely to finalize on April 28, the firm said. On May 13, SPH is scheduled to be delisted.
Keppel launched the auction in August last year with a S$3.4 billion offer for SPH. Many anticipated the purchase to be smooth for over three months, until Ong made a surprising counter bid.
Keppel increased its offer in November, prompting an even bigger proposal from Ong's group days later. However, in early February, SPH announced the withdrawal of Keppel when criteria were not met by a Feb. 2 cut-off date, clearing the way for Cuscaden.
Kommentit