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

Singapore Press Holdings (SPH) T39has decided to terminate Keppel Corp's BN4 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 signed by Keppel and SPH have been satisfied, even as the cut-off date of Feb 2, 2022, lapsed. "Nor has the Keppel scheme been effective in accordance with its terms," SPH said, adding that the Securities Industry Council (SIC) has ruled it has no objections to SPH exercising the termination right.

SPH added that it will "continue with its preparations to allow shareholders to consider and vote on the Cuscaden scheme".