The clearance from the Foreign Investment Review Board (IFRB) under the Australian Foreign Acquisitions and Takeovers Act 1975 remains outstanding.
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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.
Picture : The Paragon by SPH REIT
