Brokers' take

M1 > Hold Fair value: S$1.65 Sept 28 close: S$2.11 OCBC Investment Research, Sept 28

Keppel Corporation (KepCorp) and Singapore Press Holdings Limited (SPH) have, through their special purpose vehicle, Konnectivity Pte Ltd, announced a pre-conditional voluntary general offer for M1 Ltd, at a cash offer of S$2.06 per share.

Assuming a successful offer, KepCorp and SPH's effective stakes in M1 could range between 32.54 - 83.87 per cent and 13.45 - 16.13 per cent respectively, based on our calculations.