Keppel Corp has commenced arbitration proceedings against Singapore Press Holdings for trying to walk away from its takeover offer of the property company.
Under terms of the agreement between SPH and Keppel, the latter will receive a break fee of $34 million if the deal falls through. Keppel had also said its revised offer is "final". “This is in accordance with the terms of the Keppel Implementation Agreement, which provides that any dispute arising out of or in connection with the [agreement] shall be finally resolved by arbitration administered by the SIAC in Singapore," adds Keppel.
For one, the Cuscaden offer, if all cash, is $2.36 for each SPH share. It beats Keppel's $2.351 offer which is to be paid in a mix of 86.8 cents in cash, 0.782 SPH REIT Units and 0.596 Keppel REIT Units for each SPH share.
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