Keppel Corp, with the support of Singapore Press Holdings (SPH), is seeking to buy all M1 shares that the two do not own at $2.06 apiece.

Yesterday, the companies announced the pre-conditional voluntary general offer, which values Singapore's third largest mobile operator at around $1.91 billion.

Joint venture firm Konnectivity - majority-owned by Keppel - will lodge the offer. Keppel Corp, which owns 19.33 per cent of M1 through a 79.22 per cent stake in Keppel Telecommunications and Transportation, is also making a general offer for Keppel T&T at $1.91 per share in cash.