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Tycoon-Led Group Wins $2.9 Billion Bid for Singapore Press

  • Cuscaden Peak gets approval to buy media and property firm
  • Vote comes after rare corporate takeover battle in Singapore
Updated on

A Singapore tycoon-led group has won approval to acquire a media and property company in the city-state following a rare takeover battle between bidders backed by state investment firm Temasek Holdings Pte.

Singapore Press Holdings Ltd. said shareholders on Tuesday voted in support of the proposal by Cuscaden Peak Pte. -- a consortium led by hotelier Ong Beng Seng together with units of the city’s investment giant -- confirming an earlier report by Bloomberg. The proposal valuing the company at S$3.9 billion ($2.9 billion), was approved by 89% of shareholders, according to the statement.