Temasek is on both sides of a $2.9 bln tussle for Singapore Press. The conflict hammers home how its mundane arm's-length investor role makes it the envy of global rivals, says ugalani
Keppel Corp reiterated on Nov. 16 that its revised offer made the previous week to buy Singapore Press, excluding its media business, was final. It comments came a day after Cuscaden Peak swooped in with a superior bid valuing the company at about S$3.9 billion .
Cuscaden Peak is a consortium of billionaire property tycoon Ong Beng Seng's Hotel Properties and CLA Real Estate and Mapletree Investments, two portfolio companies of Singapore state investor Temasek. Investors who accept the group’s approach will have a choice to accept either a cash-plus-stock offer of S$2.40 per share, or a full cash offer worth S$2.360 per share. Keppel has offered S$2.351 in cash and stock.
Singapore Press shareholders will be required to vote against the Keppel deal before voting in favour of the rival offer. Temasek owns 21% of Keppel. Singapore Press's portfolio includes property assets, student accommodation and elderly care homes.An executive prepares to take the stage during the annual Temasek Review in Singapore July 7, 2016.
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