Cuscaden Peak is a consortium comprising Hotel Properties (HPL), CLA Holdings and Mapletree Investments (which are private companies owned by Temasek).
Last Friday, it indicated its intention to launch a rival offer for Singapore Press Holdings with an all-cash offer of $2.10.
The earlier offer for SPH was made by Keppel Corp, which has put on the table a mix of cash of S$0.668 per share, 0.596 Keppel Reit unit (valued at S$0.715) and 0.782 SPH Reit unit (valued at S$0.716) per share, which at time of offer has a total value of $2.099.
Keppel has ten business days from last Friday to improve its offer.
See also: ISDN acquires 51% stake in Indonesian hydropower plant contractor for $2 million
On Nov 1, SPH REIT ended Nov 1 at $1.04 cents in anticipation of a chain offer. SPH closed at $2.12.
