Contest for SPH good for minorities

I HAVE been saying Singapore Press Holdings (SPH) deserves a better offer than the S$2.099 cash-and-shares offer by Keppel Corp. Many small shareholders of SPH feel the same way.

Some are unhappy about having to take SPH Reit and Keppel Reit units in exchange for their SPH shares.

The new all-cash offer of S$2.10 from a consortium comprising billionaire Ong Beng Seng (OBS) and Temasek-linked entities is welcome as it takes away the uncertainty of fluctuating Reit prices. But it is still underpriced, considering the quality of SPH assets covering shopping malls, student accommodation and eldercare centres.