The bidding war between Keppel Corp and consortium Cuscaden Peak is heating up as Cuscaden has raised its offer to take SPH private. Cuscaden is now offering S$2.40 per share, valuing SPH at S$3.9bn, beating Keppel’s offer of S$2.351 per share. Under the revised offer, SPH shareholders can choose to receive either S$2.40 per share, comprising S$1.602 of cash and 0.782 SPH REIT units (valued at S$0.798 per share) or S$2.36 cash only. In an exchange filing, SPH said, “In both options, the Cuscaden scheme consideration is higher than the Keppel scheme consideration in terms of total value, and also provides a materially higher proportion of cash.” Cuscaden Peak is a consortium led by Hotel Properties, its founder Ong Beng Seng, and Temasek units Mapletree and CLA Real Estate Holdings. SPH shareholders will still be voting on Keppel’s offer on December 8 with the independent directors recommending shareholders to vote against the offer. Only after they vote against the Keppel scheme can they vote on the latest Cuscaden offer.

SPH’s SGD 4.5% Perps traded 0.06 points higher to 100.489 yielding 4.29%.

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