keppel reits price in relation to sph offer

$Keppel Reit (K71U.SG)$ Keppel has as already made its final offer for sph in parts of keppel reits, sph reits and cash. The only difference between Cuscaden and Keppel offer is the cash component. In Cuscaden offer, she is putting $1.602 instead of 0.596 Keppel REIT plus $0.868 for per share. So if keppel is serious in making a credible offer, she has to push the keppel reits above 1.24 so that it can match Cuscaden offer. Hence I see an upside of 1.24 for keppel reits.