Singapore Press Holdings (SPH)

[brattzz]

haa! all these are bidders are still from temasek... what's the point? :O

[desmondxyz]

Ownself counter ownself 

[weijian]

As expected, the temptation to combine Genting Lane, M1 and the AUM is too much for Keppel to give up. A few notes:

- $2.351/share is overstated because Keppel REIT probably rose because a competing offer decreased the probability of dilution/forced selling. Nonetheless, the +20cent cash offer actually betrays the amount of value on the table that Keppel is keeping for itself (in terms of achieving the synergies).

- Yes, Keppel's offer is compelling at this point of time but isn't it a tad too fast for the SPH directors to undertake the call for the scheme meeting before waiting for a response from Cuscaden Peak? Or is the undertaking another way to ensure that Cuscaden Peak will respond in the fastest time? (another PR indicates that new offers will be entertained up to 16th Nov)

Keppel makes compelling final offer of S$2.351/share for SPH – 12% higher than initial offer, including additional cash of S$0.200/share

Keppel Corporation Limited, through its wholly-owned subsidiary Keppel Pegasus Pte Ltd (the “Offeror”) made a joint revised announcement with SPH today (the “Joint Revision Announcement”) in relation to the Offeror’s revised offer consideration to acquire all of the issued and paid-up ordinary shares in the capital of SPH (excluding treasury shares). 

Keppel has now increased the cash component of the consideration by S$0.200/share and the cumulative value of SPH REIT and Keppel REIT units offered has also increased by S$0.052/share 3 with improving market conditions. The revised consideration (“Final Consideration”) of S$2.351/ share is final and would not be increased.

SPH acknowledges that Keppel’s final offer is superior to the competing offer from Cuscaden Peak and will undertake to call for the SPH scheme meeting.

https://links.sgx.com/FileOpen/MREL_Kepp...eID=690035

[¯|_(ツ)_/¯]

Thanks WJ.

Since this a final offer, Keppel is cleared that it's not going to engage in any bidding game.

SPH action is to nudge the other parties to take swift action bar.

Stay home and stay safe, everyone.

[brattzz]

just like that and temasek has to pay 12% more?

[weijian]

A lot of people have overworked over the weekend, SPH directors included. Merger arbs are having their field day. And now Cuscaden can break up SPH into bits and pieces and then sell Genting Lane/M1 to Keppel separately, while keeping the AUM for themselves (Mapletree).

Superior Offer for Singapore Press Holdings Limited Cuscaden Peak Pte. Ltd.

Each SPH shareholder may choose to receive either: S$2.3602 in cash per Share OR S$1.602 in cash + 0.782 SPH REIT units per Share (S$2.400)

Counter offer ppt: https://links.sgx.com/FileOpen/Revised%2...eID=690816

[¯|_(ツ)_/¯]

Xtra-ordinary effort by SPH Team.

Thank you WJ for the good news.

I was expecting a counter offer from HPL and boy, I'm surprised by the SPH team aggressiveness in striking a deal with HPL over just one weekend. 

SPH boleh!

Since Keppel had throw in their final offer, there is likely no more competitors liao. SPH team probably could relax and wait for the winding down.

The tearing down of SPH by HPL could have 2 possible results which is worth watching:
#1 Keppel is very keen to buy the SPH crown jewel and pay an above valuation price in order to continue their transformation story.

or

#2 HPL is stucked with some junk that nobody wanted and yet can't get rid off.  A jewel to Keppel could be a junk to HPL, right?

How the game plan playing out will be very interesting... another demonstration of Kepple's top brass capability?

Gratitude!

[Ben]

#2 HPL is stucked with some junk that nobody wanted and yet can't get rid off.  A jewel to Keppel could be a junk to HPL, right?

This is certainly true indeed!

With Temasek behind the scene of both Keppel and Cuscaden, I won’t be surprise that post acquisition, there will be some transferring/selling/acquisition, whatever one might call it, of assets between Keppel and Cuscaden. SPH businesses, excluding the media, is actually quite wide and diverse. I believe neither Keppel nor Cuscaden want everything of SPH, if they can pick and choose.

So, watch out for more actions to come. Meanwhile, Keppel will walk away with the break fee of $34 million if the Cuscaden scheme goes unconditional. Not a trivial amount for the effort.

[¯|_(ツ)_/¯]

SPH@234
A clear win by HPL and one might wonder what's happening to the Keppel team?
First, they gives a final offer, and now, we know that the "SPH shall not take any action to hold an Alternative Scheme Meeting within eight weeks from the date of the Keppel Scheme Meeting" has no binding power.

(link to SIC #2.2)

Stay home and stay safe, everyone.

[Shiyi]

SPH@234
A clear win by HPL and one might wonder what's happening to the Keppel team?
First, they gives a final offer, and now, we know that the "SPH shall not take any action to hold an Alternative Scheme Meeting within eight weeks from the date of the Keppel Scheme Meeting" has no binding power.

(link to SIC #2.2)

Stay home and stay safe, everyone.

There is another option for SPH shareholders. Which is to vote down both Keppel and Cuscaden offers. As quite a few long-term shareholders of SPH bought the shares at above $3, this option cannot be ruled out. 

In that scenario, Keppel would not be given the break fee.