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Keppel, SPH announce firm intention to launch general offer for M1


KEPPEL Corporation and Singapore Press Holdings on Friday announced their "firm intention" to make a voluntary general offer of S$2.06 per share for the remaining M1 shares that they do not own, via joint venture company Konnectivity Pte Ltd which is majority owned by Keppel.

On Sept 27, the companies had announced their intention to make the offer, subject to the pre-condition of approval from the Info-communications Media Development Authority (IMDA). On Friday, the companies said that the pre-condition has been satisfied. The offer will become unconditional when Konnectivity and its concert parties obtain more than 50 per cent of the issued share capital of M1 by the close of the offer.

The offer price represents a premium of 36 per cent over the lowest closing price of S$1.520 over the 52-week period preceding the last trading date, and a premium of 25 per cent over equity research analysts' average target price per share of S$1.644.

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Keppel shares closed up 5 Singapore cents or 0.855 per cent at S$5.90 on Friday before the announcement. SPH shares closed unchanged at S$2.35.