Keppel Stands Firm on Offer for Singapore Press Holdings After Rival’s Sweetened Bid

(Bloomberg) -- Keppel Corp. has no plans to raise its offer for a Singapore media and property company after a competitor sweetened its bid in a rare takeover battle.

Keppel, which is linked to Temasek Holdings Pte., said its offer to acquire Singapore Press Holdings Ltd. is final and irrevocable in a statement on Tuesday morning. 

“We believe that Keppel’s final offer is a compelling one and a win-win proposition which would be put to both Keppel Corp.’s and SPH’s shareholders for their respective decisions,” it said in the statement filed to the Singapore Exchange.

Its response comes a day after its competitor, a consortium backed by a Singapore hotel tycoon and units of investment giant Temasek, raised its offer for SPH. The proposal by Cuscaden Peak Pte. values SPH at S$3.9 billion ($2.9 billion), trumping a bid last week from Keppel.

Given that Keppel isn’t budging on its offer, that gives Cuscaden -- backed by property tycoon Ong Beng Seng -- an upper hand in the competition. SPH has called Cuscaden’s offer superior and has urged shareholders to vote down Keppel’s proposal. 

The ball is now in the court of SPH shareholders who first have to vote on Keppel’s proposal at a meeting on Dec. 8. If they reject it, shareholders will then vote on the Cuscaden offer in January.

Up for grabs are SPH’s assets including shopping malls located in Singapore and Australia, student accommodation in the U.K. and Germany, and a local nursing home chain, according to its website. It also has investments in the education and events business.

©2021 Bloomberg L.P.