I thought that the current offer price of S$0.9372 per unit for SPH REIT by Cuscaden is just a half hearted and half baked one- in fact it is forced under SGX rule to make this chain offer- so do not expect too much from it and don't waste too much time pondering over it. Cuscaden looks like it is heavily bruised from the tussle with Keppel Corp over the recent Singapore Press Holdings acquisition. While it won a great battle for taking control of Singapore Press Holdings, it had burned a big hole in its bank account and it is clear that at this particular juncture, Cuscaden is ok for it to remain listed as it is. 3 things to take note of, regarding this upcoming acquisition offer for SPH REIT:

1. The market price as at 29th April 2022 is S$0.975 per unit but chain offer price is at S$0.9372 per unit.

I had a good laugh at this....