Cuscaden Peak, a consortium affiliated with Singapore state-owned investor Temasek Holdings, has increased its bid for media and real estate company Singapore Press Holdings Ltd (SPH) to approximately $ 3.9 billion, the companies said on Monday (November 15) with.
Cuscaden’s new offer of $ 2.40 per SPH share is a jump of nearly 15 percent from its original offer of $ 2.10 per share and also outperforms Keppel’s competing offer of $ 2.351.
The latest offering from the Cuscaden consortium, which includes billionaire Ong Beng Seng and two Temasek affiliates, offers a much higher cash stake, SPH added.
The new offering is fueling the potential bidding war among investors targeting SPH’s real estate assets, which include shopping malls, student dormitories and elderly care facilities.
Both offers are subject to the condition that SPH completes a planned outsourcing of the media business.
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