Singapore Press Holdings (SPH) said it had decided to exercise its right to terminate bidder Keppel Corp's offer and will allow SPH shareholders to vote on a rival S$3.9 billion ($2.9 billion) bid from a tycoon-backed group. "The board would like to update shareholders that, following consultation by the company with the Securities Industry Council(SIC) regarding the termination right, the SIC has ruled that it has no objections to the company's exercise of the termination right," SPH said in a statement late on Wednesday. Conglomerate Keppel, which counts state investor Temasek Holdings as a major shareholder, said its fully-owned unit did not agree with SPH's move and it filed an arbitration notice with the Singapore International Arbitration Centre.
* Voting on Keppel's bid to take place on Dec. 8. Nov 15 (Reuters) - Cuscaden Peak raised its offer for Singapore Press Holdings Ltd to about S$3.9 billion ($2.88 billion), looking to fend off a challenge by Keppel Corp in a rare bidding war between two groups linked to Singapore state investor Temasek Holdings.
Conglomerate Keppel Corp has raised its offer to buy Singapore Press Holdings (SPH) , excluding its media business, at a valuation of $2.8 billion, heating up a bidding war with a consortium that includes firms linked to state investor Temasek Holdings. Singapore's Keppel in a statement late on Tuesday https://bit.ly/3061fqj said it is now offering S$2.351 per share to SPH shareholders in cash plus stock, higher than its initial offer of S$2.099 and outbidding Cuscaden Peak https://www.reuters.com/article/sph-m-a-cuscaden-idUSKBN2HJ0CG 's S$2.1 per share.