F&Ns board has signalled it is happy with TCCs latest bid

F&N's board has signalled it is happy with TCC's latest bid

The board of directors at Fraser & Neave has told the company's shareholders it believes TCC's latest offer for the group is "fair".

In a letter, dated today (28 January), the Singapore conglomerate's board said that its independent directors agreed with its financial advisers JP Morgan that the SGD9.55-per-share offer is reasonable. Shareholders now have until a week today to accept the offer, F&N's board said. 

ThaiBev-controlled TCC revised its offer earlier this month to top a bid from rival Overseas Union Enterprise (OUE). The move forced property group OUE to withdraw from the long-running bidding war