SINGAPORE (THE BUSINESS TIMES) – The chain offer for SPH Reit has closed with valid acceptances in respect of 402.9 million units, representing about 14.36 per cent of total issued units, according to a bourse filing on Thursday night (June 30).
This will bring Cuscaden Peak and its concert parties’ stake in the real estate investment trust (Reit) to 61.68 per cent, or about 1.73 billion units.
The offer had previously turned unconditional on June 1 after it received valid acceptances representing about 4.64 per cent of total issued SPH Reit units.
Cuscaden, a consortium comprising Hotel Properties, businessman Ong Beng Seng and Temasek-linked entities CLA and Mapletree, had in April 2022 offered to acquire SPH Reit at the minimum offer price of 93.72 cents per unit.
This came following the completion of an offer by Cuscaden to take Singapore Press Holdings (SPH) private, which resulted in Cuscaden and its concert parties owning 47.2 per cent of SPH Reit.
Units of SPH Reit were trading down 0.5 cent, or 0.5 per cent, to 93 cents at 10.42am on Friday, after the announcement.