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.