SINGAPORE: ThaiBev's TCC extends Fraser & Neave deadline but sticks with price
The battle for F&N has taken another twist
ThaiBev-controlled TCC Assets has extended its offer deadline for Fraser & Neave for a second time, but not raised its bid despite a rival's higher tender.
British Virgin Islands-registered TCC, owned by Thai billionaire Charoen Sirivadhanabhakdi, announced today (22 November) that F&N now has a deadline of 11 December for its SGD8.88-per-share offer, totalling SGD9bn (US$7.36bn). It announced a previous extension earlier this month, but the deadline was today.
Through TCC Assets and Chang brewer ThaiBev, Sirivadhanabhakdi holds a 35% stake in Singapore-based conglomerate F&N.
However, since TCC's first offer, Singapore property group Overseas Union Enterprise has tabled a rival SGD9.08 per share offer – totalling SGD13.1bn (US$10.7bn) for F&N.
If the OUE bid is successful, Kirin Holdings has also agreed to acquire F&N's food and beverage business for SGD2.7bn.
Heineken, meanwhile, has escaped the impact of the latest bidding war after last week confirming it has completed its acquisition of F&N's stake in Tiger brewer Asia Pacific Breweries, thereby boosting its footprint in the region's emerging markets.
I can't remember precisely when I first saw the BRIC acronym. Indeed, with only ten years' experience of the drinks industry, it seems to be have been around longer than I have. I can remember, howeve...
- Will Tequila Learn from Scotch Whisky's Mistakes?
- Comment - How to Target Cognac's Mok Generation?
- Is Marketing Twisting the Meanings of Words?
- Analysis - The Value of Prosecco
- Sustainability - Walking the Walk on Water
- Whyte & Mackay takes on Flor de Caña in UK
- SPI Group US, Canada sales chief departs
- Belvedere proposes name change
- Soaring Prosecco sales good for Champagne
- Brown-Forman eyes family ties with board additions
- Global Tequila insights - market forecasts, product innovation and consumer trends research
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends research
- Global rum insights - market forecasts, product innovation and consumer trends research
- Beam Suntory Inc. - Strategy and SWOT Report
- Diageo plc (DGE) - Financial and Strategic SWOT Analysis Review