Singapore Press Holdings, Keppel Corp

Singapore Press Holdings, Keppel Corp

Keppel offers to acquire SPH, excluding media business, in S$3.4 billion deal

Keppel offers to acquire SPH, excluding media business, in S$3.4 billion deal

2/8/2021 5:00:00 AM

Keppel offers to acquire SPH, excluding media business, in S$3.4 billion deal

SINGAPORE: Singaporean conglomerate Keppel Corp said on Monday (Aug 2) it would offer to acquire and privatise Singapore Press Holdings (SPH), ...

BookmarkSINGAPORE: Singaporean conglomerate Keppel Corp said on Monday (Aug 2) it would offer to acquire and privatise Singapore Press Holdings (SPH), excluding the newspaper publisher's media business, for S$3.4 billion."Successful completion of the scheme will see SPH eventually delisted," said SPH in a media release. SPH will also be a wholly-owned subsidiary of Keppel.

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AdvertisementAdvertisementSPH shareholders will receive cash of $0.668, as well as 0.596 Keppel REIT units and 0.782 SPH REIT units per share.The scheme is subject to approval by SPH and Keppel shareholders, and other conditions including regulatory approvals.

"Keppel will hold a remaining stake in SPH REIT and Keppel REIT of approximately 20 per cent each," added SPH.SPH's CEO Ng Yat Chung said"the outcome is the result of a strategic review process that has taken place over many months". headtopics.com

AdvertisementAdvertisement"We took the first step with the media restructuring to ensure a sustainable future for the media business, while removing its losses from SPH," said Mr Ng."The next step was a thorough process to unlock and maximise value for all shareholders for the remaining company.

"With the privatisation offer from Keppel, shareholders now have an opportunity to realise the value of their SPH shares at a premium of 39.9 per cent to the last traded price before the strategic review was announced," he added. Read more: CNA »

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