Update: Keppel Corp launches bid for rest of Keppel Land

Latest updates:

KEPPEL Corporation on Friday launched a voluntary unconditional cash offer for all the remaining shares of its real estate subsidiary, Keppel Land.

Currently, KepCorp owns 54.6 per cent of KepLand.

The base offer price is S$4.38 for each KepLand share. This values Kepland at about S$6.8 billion and represents a premium of 25 per cent, 29 per cent and 28 per cent over the one-month, three-month and six-month volume weighted average prices (VWAPs) of Kepland shares respectively.

KepCorp will raise its offer price to S$4.60 for each KepLand share, if it receives the 90 per cent acceptance threshold required to exercise its rights of compulsory acquisition.

This values KepLand at S$7.1 billion and represents a premium of 31 per cent, 35 per cent and 35 per cent over the one-month, three-month and six-month VWAPs of Kepland shares respectively.

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The offer will be funded through a combination of internal cash and borrowings of KepCorp.

KepCorp does not intend to revise the offer price.

Earlier this week: