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Quick summary

In a move that caught the market by surprise, Temasek announced that it will make a partial offer to acquire an additional 30.55% of Shares in Keppel.

If successful, the partial offer will result in Temasek owning an aggregate 51% of Keppel.

Given that the Offer Price of S$7.35 is a hefty 26% premium over the last traded price, we believe it is likely that the offer will go through if the pre-conditions are being met. Keppel will remain as a listed entity, albeit at a lower free-float.

Keppel will likely see its price traded up close to the offer price when the stock resumes trading on 22 Oct. Is there more upside from the offer price? What other listed-entities could be in play?

For more detailed information of the offer, do refer to the SGX listing announcement.

Is this a