Overseas Union-led group withdraws from F&N takeover battle
SINGAPORE Jan 21 (Reuters) - A group led by Overseas Union Enterprise Ltd bowed out of a multi-billion dollar takeover battle for Fraser and Neave Ltd, saying it was not willing to raise its offer price substantially to gain control of F&N following the recent property cooling measures by the Singapore government.
The Overseas Union group led by Indonesian tycoon Stephen Riady said it had decided not to raise its S$9.08-per-share offer for F&N to gain more than 50 percent of the Singapore property and drinks conglomerate.
This paves the way for Thai billionaire Charoen Sirivadhanabhakdi to win full control of F&N, after he increased his takeover offer to S$9.55 per share and raised his stake in the company to more than 40 percent.
Overseas Union Group said it will explore and pursue other acquisition opportunities.
For a statement from the Overseas Union-led group and a related story, click
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video