Singapore-based Keppel and media company Singapore Press Holdings (SPH) said they will not raise their offer of SGD2.06 ($1.51) per share to acquire a majority stake in mobile operator M1.

Keppel owns a 19.23 per cent stake in M1, while SPH has a 13.38 per cent interest. The two used their joint venture Konnectivity to make a voluntary conditional general offer for all of M1’s issued shares they don’t own in a bid to gain a majority shareholding.

Axiata owns 28.7 per cent of M1 and it was reported at the time of the bid that it could team up with other companies to submit a competing offer.

Now, Konnectivity has said in a statement: “The offerer wishes to announce that it does not intend to increase the offer price of SGD2.06 in cash per offer share under any circumstances whatsoever.”

It also extended the closing date for the offer from 4 February to 18 February.

Earlier this week independent financial adviser CLSA Singapore told shareholders the offer is “fair and reasonable, and not prejudicial” to their interest, The Business Times reported.

Singapore has become increasingly competitive after four MVNOs launched services in the city state over the last two years. In 2018 its three major mobile players faced falling or weak earnings along with declines in mobile subscriber numbers and ARPU.