What happened A consortium comprising Hotel Properties Limited (SGX: H15), or HPL, businessman Ong Beng Seng (the managing director of HPL), and Temasek-linked entities CLA Real Estate and Mapletree Fortress has made an offer to acquire Singapore Press Holdings Limited (SGX: T39), or SPH. A HPL unit, Tiga Stars, holds 40% of the consortium vehicle, Cuscaden Peak, while CLA Real Estate Holdings and Mapletree Group both have 30% each. The surprise cash offer, at S$2.10 per share via a scheme of arrangement, came out of the blue. The offer is conditional on the completion of SPH’s demerger of its media business, which was approved by shareholders during an extraordinary general meeting last month. So what This offer is surprising because the entity behind Mapletree and CLA is investment firm Temasek. Recall that Keppel Corporation Limited (SGX: BN4) had made an offer to acquire SPH back in August this year in a S$2.2 billion transaction to advance its Vision 2030 goals.