Temasek’s mixed loyalties muddy poor $2.5 bln deal - JennHughes13 -
Shares in Singapore Press Holdings jumped 7% on Nov. 1 after a consortium ultimately controlled by sovereign fund Temasek announced a S$3.4 billion possible all cash takeover offer.
Cuscaden Peak’s S$2.10 takeover offer just tops a more complex cash-and-shares bid from conglomerate Keppel, in which Temasek is a 21% shareholder. Singapore Press shareholders in September approved the spinout of its media business into a not-for-profit unit funded with S$80 million cash, leaving a collection of property-related assets on which management had sought bids.
The Nov. 1 market move pushed Singapore Press’ stock above Keppel’s S$2.099 per share offer for the first time since it was made on Aug. 2.View of the central business district skyline in Singapore March 26, 2021. REUTERS/Edgar Su - RC2TIM9TOSH8
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