Shareholders of Singapore Press Holdings (SPH) voted in favor of the Cuscaden Peak consortium’s takeover offer, at an EGM. About 89.2% of SPH’s shareholders vote in favor and a majority also voted for the proposed distribution in-specie of SPH REIT units under the Cuscaden scheme. Cuscaden had given two options: (i) an all-cash offer for each SPH shareholder of S$2.36 or (ii) S$2.40/share comprising S$1.602 cash and 0.782 of an SPH REIT unit through a distribution-in-specie by SPH. SPH will proceed to apply to the court to proceed with the Cuscaden scheme on or around April 5. SPH shareholders will then be asked to choose their preferred consideration option. Keppel Corp and Cuscaden Peak were the two bidders for taking SPH private. Cuscaden’s offer came after Keppel’s final offer of S$2.351/share, consisting of S$0.868/share in cash, 0.596 of a Keppel REIT unit and 0.782 of an SPH REIT unit. The history of events that have led to the acceptance of Cuscaden’s offer can be seen by clicking here.
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