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SHARES of Keppel Corporation and Keppel Land (KepLand) will resume trading on Monday morning, after the group announced a trading halt last Wednesday.
Keppel Corp, which owns 54.6 per cent of KepLand, on Friday launched an offer to take KepLand private, using a two-tier price approach in its bid for the remaining shares it does not own.
The base offer price is S$4.38, valuing KepLand at S$6.8 billion. This is a premium of 25 per cent over the one-month volume weighted average price of the shares.
If acceptance levels exceed the 90 per cent threshold, turning the offer into a compulsory acquisition, the offer price would be raised to S$4.60 per share - a 31 per cent premium over the one-month value weighted average price and valuing KepLand at S$7.1 billion.
On Thursday, Keppel Corp posted a 6.1 per cent increase in fourth-quarter net profit to S$725.9 million on the back of a 9.1 per cent climb in revenue to S$3.93 billion.
Keppel Corp and KepLand last traded at S$8.10 and S$3.65 respectively on Tuesday.