As per an exchange filing, Singapore Press Holdings (SPH) said that the court has made an order allowing the company to hold the Cuscaden Peak scheme meeting. The court also granted SPH leave to withdraw its application to convene the meeting in relation to the Keppel scheme. This comes less than a week after Keppel Corp launched arbitration proceedings against SPH in relation to SPH’s termination of the Keppel agreement. The two bidders, Keppel and Cuscaden Peak – a consortium consisting of Hotel Properties, business man Ong Beng Seng and Temasek-linked CLA and Mapletree, are competing to take SPH private. The latest court order will allow SPH to hold a meeting where shareholders will be able to vote on the offer from Cuscaden, which SPH has previously said is superior to the Keppel offer.
Keppel’s SGD 2.9% Perps are trading at 97.53 yielding 3.91% while SPH’s SGD 4.5% Perps are at 100.64 yielding 4.2%.
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