Cuscaden Peak seeks to acquire SPH Reit for $0.9372 per unit
It stemmed from Cuscaden Peak’s right to reduce the minimum chain offer price.
Investment holding firm, Cuscaden Peak, said it made a price offer of $0.9372 per unit for the acquisition of real estate investment trust firm, SPH Reit.
Cuscaden Peak landed at the price after it intended to exercise its right to reduce the minimum chain offer price by the aggregate of the first quarter of fiscal year 2022 and the second quarter of fiscal year 2022.
In accordance with Rule 14.2 of the Singapore Code on Take-overs and Mergers Code, if the Offeror Concert Parties do not hold in aggregate more than 50% of the issued SPH REIT Units when the Chain Offer is made, the Chain Offer is required to be made conditional upon the Offeror Concert Parties receiving such number of acceptances.
This would result in the Offeror Concert Parties holding in aggregate more than 50% of the voting rights attributable to the total issued SPH REIT Units.
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