SPH exercises termination right for Keppel offer, Keppel launches arbitration proceedings

Singapore Press Holdings (SPH) T39has decided to terminate Keppel Corp's BN4 : BN4 0% implementation agreement relating to the latter’s takeover offer, while pressing ahead with preparations for shareholders to vote on Cuscaden Peak’s rival offer. This has prompted Keppel to file a notice of arbitration with the Singapore International Arbitration Centre (SIAC) to start arbitration proceedings against SPH.

In a filing to the Singapore Exchange late Wednesday night, SPH spelled out its rationale for exercising the termination right, flagging that not all the scheme conditions set out in the implemention agreement previously…

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