Temasek buffs sovereign fund standing in M&A fight

Hotel Properties

16/11/2021 04:10

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Una Galani
    MUMBAI, Nov 16 (Reuters Breakingviews) - The money manager
is on both sides of a $2.9 bln tussle for Singapore Press’ real
estate assets. That may seem a conflict in the city-state’s
spiciest bidding battle in years. But it hammers home how
Temasek’s mundane arms-length investor role makes it the envy of
global rivals.
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    CONTEXT NEWS
    - Keppel Corp reiterated on Nov. 16 that its revised offer
made the previous week to buy Singapore Press, excluding its
media business, was final. It comments came a day after Cuscaden
Peak swooped in with a superior bid valuing the company at about
S$3.9 billion ($2.9 billion).
    - Cuscaden Peak is a consortium of billionaire property
tycoon Ong Beng Seng's Hotel Properties and CLA Real Estate and
Mapletree Investments, two portfolio companies of Singapore
state investor Temasek. Investors who accept the group’s
approach will have a choice to accept either a cash-plus-stock
offer of S$2.40 per share, or a full cash offer worth S$2.360
per share. Keppel has offered S$2.351 in cash and stock. 
    - Singapore Press shareholders will be required to vote
against the Keppel deal before voting in favour of the rival
offer. Temasek owns 21% of Keppel. Singapore Press's portfolio
includes property assets, student accommodation and elderly care
homes.
    

 (Editing by Antony Currie and Katrina Hamlin)
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