Keppel Limited

[ghchua]

Hi Layman A,

There is no indication from the announcements that the offeror bought shares from the open market. The offeror holds 54.5% of Keppel Land prior to the offer, and 30.6% is through acceptances.

Therefore, we can only conclude that there are indeed many shareholders who accepted the offer, and I suspect they are mostly funds.

There might be some shareholders who accepted the $4.38 offer early, got back the cash within 10 days, bought more Keppel Land shares from the open market at around $4.50++ and then accepted the offer again, got back the cash within 10 days and then buy more Keppel Land shares from the open market at around $4.50++ and then accepted the offer again. You know what I mean.

As long as Keppel Land trades below $4.60, there will be investors buying and then tender the shares to the offeror since they wanted to make an arbritage from this special situation. It is their intention for this offer to be successful so that they can get back $4.60. Otherwise, they will only get $4.38 and they will lose out from purchasing the shares from the open market at around $4.50++.