SINGAPORE Nov 16 Shares in Overseas Union Enterprise Ltd rose 3.9 percent and Fraser and Neave Ltd (F&N) edged up 1.5 percent after a consortium led by OUE launched a S$13.1 billion ($10.7 billion) bid for F&N, trumping a takeover offer from firms linked to Thailand's third-richest man.
The counter bid sets the stage for a showdown between the consortium and the Thais as they seek to unlock value in the Singapore conglomerate, which owns a large property portfolio, lines of popular drinks and other businesses.
F&N shares rose to S$9.28 and traded above the OUE-led consortium's offer of $9.08 per share. The Thais had offered S$8.88 a share.
The new offer, made at a discount to F&N's closing price of S$9.13 on Thursday, values the company in the middle of the S$11.9 billion-16.1 billion range estimated by F&N's independent financial adviser, JP Morgan. (Reporting by Anshuman Daga)