Keppel Land: Parent Keppel Corp has garnered 88.3% control of its property arm, nearing the compulsory acquisition threshold (95.5% level), which will trigger the higher offer price of $4.60.
Meanwhile, Keppel Corp is closing in on the 90% level, whereby the group is able to opt for delisting as free float falls under 10%.
Shareholders should note that at the current level of shareholding up to the compulsory acquisition threshold level, the offer price will be based on the base offer price of $4.38.
We opine that shareholders who want certainty may consider selling their shares in the open market at the current price of $4.56, to hedge their risks in the event Keppel Corp fails to clear the 95.5% higher price hurdle.
The deadline for the extended voluntary unconditional cash offer is in two days, on 26 Mar (Thurs), at 5.30pm.