SINGAPORE Nov 22 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
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
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)