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Thai tycoon extends F&N offer to final deadline of Jan 21
January 15, 2013 / 9:21 AM / 5 years ago

Thai tycoon extends F&N offer to final deadline of Jan 21

SINGAPORE, Jan 15 (Reuters) - Thai billionaire Charoen Sirivadhanabhakdi extended his $7.2 billion offer to take over Singapore property and drinks conglomerate Fraser and Neave Ltd (F&N) for the seventh time, to Jan. 21.

Jan. 21 is the final deadline for both the Thais and a group led by Overseas Union Enterprise Ltd to raise their respective offers, according to Singapore takeover rules.

The Overseas Union group made its S$13.1 billion ($10.68 billion), or S$9.08-per-share, counterbid for F&N in November, higher than the Thais’ S$8.88-a-share offer to acquire F&N shares that they did not already own.

Charoen is F&N’s largest shareholder with a 34 percent stake, held through Thai Beverage PCL and TCC Assets Ltd.

Kirin Holdings Co Ltd, F&N’s second-biggest shareholder with around 14.8 percent, has given its conditional support to the Overseas Union group.

The Japanese brewer will offer to buy F&N’s food and beverage business for S$2.7 billion if the group’s bid is successful. ($1 = 1.2264 Singapore dollars) (Reporting by Eveline Danubrata; Editing by Ryan Woo)

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