The battle for F&N has taken another twist

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.