- May 2021– SPH announced a big restructuring, to spin off their media company at a cost of $110 million (you may remember this as the “Umbrage” event)
- August 2021 – Keppel offers to buyout SPHfor $3.4 billion, or $2.099 per share. This is payable with a mix of cash, Keppel REIT units and SPH REIT units.
- October 2021 – A rival consortiumswoops in with a $2.10 all cash offer for SPH. This consortium is made up of:
- 40% – Hotel Properties Limited / Ong Beng Seng (Majority Shareholder of HPL)
- 30% – CLA Real Estate Holdings (Temasek Owned but independently managed)
What a difference a year makes!
In that time, SPH has gone from unloved media stock, to the hottest thing since sliced bread.
What is going on? Bidding war for Singapore Press Holdings (SPH)?
For those of you who are new to this saga, a quick recap: