What termination of Keppel's bid means for SPH shareholders
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Singapore Press Holdings (SPH), upon consulting the Securities Industry Council (SIC) on Wednesday, terminated an Aug 2 agreement setting out the terms and conditions for its takeover by Keppel Corp.
This paves the way for SPH shareholders to vote for a rival takeover offer by Cuscaden Peak that SPH's board has deemed superior to Keppel's offer. At the same time, Keppel Pegasus, a unit of Keppel, said it has started arbitration proceedings against SPH to enforce its rights to seek performance of SPH's obligations.
