SINGAPORE Jan 21 A group led by Overseas Union
Enterprise Ltd missed a Monday evening deadline set by
the Singapore securities watchdog to announce a counterbid for
property and drinks conglomerate Fraser and Neave Ltd (F&N)
, sources said.
They said this effectively means the Overseas Union-led
group is unlikely to raise its offer of S$9.08 per share,
potentially bowing out of the takeover battle against Thai
billionaire Charoen Sirivadhanabhakdi for F&N.
The sources declined to be named, citing confidentiality. A
spokesman for Overseas Union declined comment.
Charoen had increased his takeover offer for F&N to S$9.55
per share and raised his stake in the company to more than 40
The Thai gambit had put pressure on the Overseas Union-led
consortium, helmed by Indonesian tycoon Stephen Riady, to
counter the offer or withdraw from Southeast Asia's biggest