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The clearance from the Foreign Investment Review Board (IFRB) under the Australian Foreign Acquisitions and Takeovers Act 1975 remains outstanding.
Cuscaden's offer for SPH's shareholders provides them to elect either all cash at $2.36 per SPH share, or $1.602 in cash, and 0.782 units in SPH REIT (priced at $1.02), worth a total of $2.40 This is valued at more than Keppel Corp's scheme of $2.351 per share, comprising $0.868 cash; 0.782 SPH REIT units and 0.596 Keppel REIT units per SPH share.
Subject to the independent Financial Advisor's opinion and in the absence of a Superior Competing Offer, the preliminary recommendation of the Independent Directors of SPH is that SPH shareholders vote against the Keppel Scheme and vote in favour of the Cuscaden Scheme.
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Picture : The Paragon by SPH REIT
