SPH: A long-drawn takeover fight no one wants

THE Singapore Press Holdings (SPH) takeover saga has taken a surprising turn.

What was at first billed as a friendly offer of SPH, sans its media business, has turned into an acrimonious affair, with SPH's board on Wednesday (Feb 9) deciding to drop Keppel Pegasus's scheme from being put before shareholders for approval.

Instead, SPH will proceed only with an offer from Cuscaden Peak - an Ong Beng Seng-led consortium. In a statement on Wednesday, SPH said it was giving notice to Keppel Pegasus to terminate the Keppel Implementation Agreement with immediate effect.