SINGAPORE: A consortium of three property developers backed by Singapore state investor Temasek offered to buy media group Singapore Press Holdings for S$3.34 billion (US$2.48 billion) on Friday, seeking to out-bid conglomerate Keppel Corp.
The consortium Cuscaden Peak offered S$2.1 per share in cash for Singapore Press, marginally topping Keppel’s more complicated cash-plus-share offer of S$2.099.
Keppel’s offer to buy Singapore Press, which publishes the city-state’s main newspaper, comes after the latter’s decision to transfer its media business – comprising publications including the Strait Times and the Business Times – into a not-for-profit company in May.
