Keppel cash component for SPH up 12% to $0.868 per share

This represents a total revised scheme consideration of $2.35.

Keppel revealed that the cash component for Singapore Press Holdings (SPH) increased by 12%, from $0.668 to $0.878 per share. 

A total revised scheme consideration of $2.351 was represented by this increase. This new offer also carries a premium of 12% over Cuscaden Peak Pte.Ltd ‘s offer of $2.1 per share in cash. Compared to the last undisturbed SPH share price of $1.5, a premium of 56.7% was seen, as well as a premium of 7.9% over SPH’s FY2021 pro forma net asset value per share of $2.18.

Overall, this implies a total equity value for SPH of $3.8b.

Originally, a scheme consideration of $2.1 per share was reported. 

SPH is also slated to hold a scheme meeting for shareholders to decide on Keppel’s Scheme by 8 December 2021. In addition, Keppel has also agreed to waive its “No Material Adverse Effect” condition, which makes the scheme remain conditional on approval by shareholders of SPH and Keppel.

This comes after Cuscaden Peak Pte. Ltd.’s $2.10 per share in cash.