SINGAPORE Dec 19 Singapore's Fraser and Neave
said on Wednesday that its independent financial
adviser has assessed that a S$13.1 billion ($10.8 billion)
takeover offer from a group led by Overseas Union Enterprise
(OUE) is "not compelling, but fair".
The view was expected after shares of F&N, which is at the
centre of a bidding war between firms owned by Thai tycoon
Charoen Sirivadhanabhakdi and Indonesian businessman Stephen
Riady, have traded above the takeover bids by the two groups.
"It is our opinion that ... the OUE offer price is not
compelling but fair, from a financial point of view," JPMorgan
, independent financial adviser, said in a letter to
OUE launched a counter offer for F&N last month at S$9.08 a
share, above Charoen-owned TCC Assets Ltd's bid of S$8.88 a
Shares in F&N have consistently traded above the two bids,
edging up 0.1 percent to S$9.66 at the close of trade on
Charoen tried and failed to acquire an additional stake of 10
percent in F&N on Friday from institutional investors at S$9.60,
sources with direct knowledge of the situation had earlier told
His related firms, Thai Beverage PCL and TCC Assets
Ltd, own a combined 34 percent of F&N.
Charoen would need to increase his stake in F&N to more than
50 percent by next month otherwise his takeover bid for the
129-year-old group will expire. OUE's offer
expires on Jan 3.
($1 = 1.2174 Singapore dollars)
(Reporting by Saeed Azhar; Editing by Greg Mahlich)