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Financials

Temasek-backed consortium makes $2.5 bln bid for Singapore Press, tops Keppel's offer

Oct 29 (Reuters) - A Singapore state investor Temasek-backed consortium of three property developers proposed to buy media group Singapore Press Holdings for S$3.34 billion ($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.

Trading in shares of the newspaper publisher were halted on Friday morning and it was yet to respond to a Reuters request for comment.

Keppel said in a statement that it would review the Cuscaden Peak’s all-cash offer and make an announcement at an appropriate time.

Cuscaden Peak is 40% held by a unit of Singapore-based Hotel Properties Tiga Stars, and 30% each by units of Adenium and Mapletree Fortress, which are part of Temasek portfolio companies CLA and Mapletree, respectively.

$1 = 1.3442 Singapore dollars Reporting by Tejaswi Marthi in Bengaluru, additional reporting by Nikhil Kurian Nainan in Bengaluru

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