The battle over F&N continues

The battle over F&N continues

TCC Assets, the ThaiBev-controlled vehicle, has extended its offer deadline for Fraser & Neave by another week. 

It is the fourth time TCC, owned by Thai billionaire Charoen Sirivadhanabhakdi, has lengthened the deadline for its SGD8.88-per-share bid, totalling SGD9bn (US$7.36bn), for the Singapore conglomerate. The new deadline for the mandatory conditional cash offer, confirmed by TCC today (2 January) is Thursday next week (10 January). 

Sirivadhanabhakdi, who holds a 35% stake in F&N, is facing a battle with Singapore-based property group Overseas Union Enterprise (OUE) for the group. In November, OUE submitted a SGD13.1bn (US$10.7bn) cash offer for full control of F&N, topping TCC's bid. The deadline for the OUE bid is tomorrow (3 January).

If the OUE bid is successful, Kirin Holdings has agreed to acquire F&N's food & beverage business for SGD2.7bn.