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
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)