Keppel Corp. shareholders unanimously voted in favor of its proposed acquisition of Singapore Press Holdings (SPH) at the former’s EGM on Thursday. 98.22% representing 380.9mn shares voted in favor of the deal that Keppel says is a “win-win” for both companies’ shareholders. The next milestone for the deal will be the Keppel scheme meeting where SPH shareholders will vote. Only if the shareholders vote against the Keppel deal will they be allowed to vote on the deal from Keppel’s rival, Cuscaden Peak, which is a consortium led by Hotel Properties, its founder Ong Beng Seng, and Temasek backed Mapletree Investments and CLA Real Estate Holdings. SPH’s independent directors have made a preliminary recommendation to vote against the Keppel deal as they deem the Cuscaden Peak offer to be superior.
Keppel Corp’s SGD 2.9% Perps traded steady at 98.64 yielding 3.42%.
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