Update: Keppel Corp launches bid for rest of Keppel Land
Latest updates:
KEPPEL Corporation on Friday launched a voluntary unconditional cash offer for all the remaining shares of its real estate subsidiary, Keppel Land.
Currently, KepCorp owns 54.6 per cent of KepLand.
The base offer price is S$4.38 for each KepLand share. This values Kepland at about S$6.8 billion and represents a premium of 25 per cent, 29 per cent and 28 per cent over the one-month, three-month and six-month volume weighted average prices (VWAPs) of Kepland shares respectively.
KepCorp will raise its offer price to S$4.60 for each KepLand share, if it receives the 90 per cent acceptance threshold required to exercise its rights of compulsory acquisition.
This values KepLand at S$7.1 billion and represents a premium of 31 per cent, 35 per cent and 35 per cent over the one-month, three-month and six-month VWAPs of Kepland shares respectively.
The offer will be funded through a combination of internal cash and borrowings of KepCorp.
KepCorp does not intend to revise the offer price.
Earlier this week:
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok suspends new app’s reward programme amid EU concerns
Hong Kong spot crypto ETFs to start trading next week
Cordlife substantial shareholder Nanjing Xinjiekou still mulling over offer to buy over remaining shares
Nvidia agrees to acquire Israeli AI software provider Run:ai
HSBC says growing Chinese wealth fuels client investments in US
Unilever's India quarterly profit disappoints