M1's buyout offer by Keppel and SPH likely to get rejected: report

M1's biggest shareholder thinks that the offer which could hit about $930m is 'inadequate'.

M1’s largest shareholder is likely to reject the buyout offer by Keppel and Singapore Press Holdings (SPH), a source told Reuters.

According to the anonymous source, M1's biggest shareholder Axiata sees the $2.06 per share offer by the Keppel-SPH team is ‘opportunistic’ and ‘inadequate.’

The firms are jointly offering to buy the remaining shares in M1 that they do not already own in a deal worth up to about $930m.

Also read: SPH to join Keppel for M1 buyout offer

Altogether, the three firms have conducted a strategic review of their stakes in M1 back in 2017. However, sources said that it was dropped due to offers which were far from expectation from external parties.

Here’s more from Reuters.

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