Temasek Holdings has just dropped a bombshell on shareholders of Keppel Corporation Limited (SGX: BN4). In an announcement released over the National Day weekend, the state-owned investment firm has decided that it will not proceed with the partial offer of the oil and gas conglomerate. As a recap, Temasek first announced that it intended to acquire an additional 30.55% of Keppel back in late October 2019. The offer price was S$7.35 and the intention was for Keppel to remain listed on the local bourse. There were, however, a set of pre-conditions that had to be fulfilled before the offer could take place. Early last month, we had written about whether the Temasek offer may be in jeopardy. The main bugbear, known as “material adverse change” (MAC) clauses, requires Keppel to maintain a certain level of net profit and net asset value for the acquisition to proceed. When Keppel released its second-quarter 2020 earnings on July 30, it...