SINGAPORE: Fraser & Neave battle drags on as TCC extends deadline
The tussle for F&N is continuing
ThaiBev's TCC Assets, has extended its offer deadline for Fraser & Neave for a fifth time.
In a filing today (10 Janaury), TCC, owned by Thai billionaire Charoen Sirivadhanabhakdi, said it has set a new deadline of Tuesday (15 January) for its SGD9bn (US$7.36bn) bid for the Singapore conglomerate. The previous deadline was today.
Sirivadhanabhakdi, who holds a 35% stake in F&N, is battling with Singapore property group Overseas Union Enterprise (OUE) for the conglomerate.
OUE has submitted a higher bid of SGD13.1bn (US$10.7bn) and last week extended its offer deadline until next Monday (14 January).
If the OUE bid is successful, Japan's Kirin Holdings has agreed to acquire F&N's food & beverage business for SGD2.7bn.
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