Keppel Corp will extend the closing date of its offer to buy up the remaining shares of Keppel Land to March 26. The offer was due to expire on Thursday (Mar 12).
As of Wednesday, Keppel Corp controls 80.8 per cent of the total number of issued shares. This is short of the 90 per cent level needed to take the property giant private.
Earlier this year, Keppel Corp, the world’s largest rig builder, offered to buy the remaining shares of Keppel Land for up to S$3.2 billion. At the time, Keppel Corp held about 55 per cent of its property arm.
Keppel Corp offered a base price of S$4.38 for each Keppel Land share. A higher offer price of S$4.60 per share will be paid if Keppel Corp manages to take the developer private.
This values Keppel Land at between S$6.8 billion and S$7.1 billion.
Source : Channel NewsAsia – 12 Mar 2015