Thais extend offer deadline for F&N to Dec 11 after counter-bid
SINGAPORE Nov 22 (Reuters) - A Thai group extended its offer deadline for Fraser and Neave Ltd (F&N) to Dec. 11 and kept its bid unchanged at S$8.88 per share after a counterbid for the Singapore property and drinks firm from a consortium led by Overseas Union Enterprise Ltd.
Thai billionaire Charoen Sirivadhanabhakdi, through TCC Assets and Thai Beverage PCL, made a $7.2 billion bid in September to buy shares of F&N that he did not already own, valuing the Singapore firm around S$12.8 billion ($10.4 billion).
Last week, a consortium led by Singapore-listed property firm Overseas Union launched a S$13.1 billion counter-offer for F&N. That bid at S$9.08 per share is 2.25 percent higher than the Thai offer of S$8.88.
The Thai group has a 33.6 percent stake in F&N and can acquire another 2.8 percent from shareholders who accepted its offer. The offer is conditional on the group obtaining majority control.
Kirin Holdings Co Ltd, F&N's second-biggest shareholder with a stake of around 14.8 percent, has given its conditional support to the OUE group. The Japanese brewer will offer to buy F&N's food and beverage business for S$2.7 billion if the OUE group's bid is successful. ($1 = 1.2256 Singapore dollars) (Reporting by Eveline Danubrata)
- Gaza bloodshed deepens, airlines shun Israel |
- Sierra Leone's chief Ebola doctor contracts the virus
- TransAsia Airways plane crashes in typhoon-hit Taiwan, killing 47
- South Korea ferry fugitive hid behind cabin wall, bags of cash at hand
- Two Ukrainian fighter jets shot down over rebel-held territory