SINGAPORE: OUE withdraws from Fraser & Neave bidding war
The lengthy battles for F&N appears to have drawn to a close
The battle for Fraser & Neave appears to be over after Overseas Union Enterprise (OUE) said it will not increase its bid to match its rival, TCC Assets.
In a statement today (21 January), the property group said it has decided "not to revise the offer price", after ThaiBev-controlled TCC raised its bid late last week from SGD8.88 (US$7.22) to SGD9.55. The statement came after an auction process, called for by Singapore's Securities Industry Council, kicked off earlier today.
OUE said it has made the decision in the “best interests” of the company and its shareholders.
“OUE is confident that other opportunities will arise and at price levels which are more attractive and value creating for OUE and its shareholders,” the statement added.
TCC and OUE had been involved in a battle for Singapore conglomerate F&N since OUE tabled a bid in November.
Due to its increased bid, TCC is now set to pay around SGD13.75bn (US$11.2bn) for F&N, whose interests include soft drinks, food, property and publishing. TCC's offer will remain open until 4 Feburary, it said today.
If OUE's bid had been successful, Kirin had agreed to acquire F&N's food & beverage business for SGD2.7bn.
- Why did Mast-Jägermeister buy Sidney Frank?
- Why consumers don't care about vodka's provenance
- Pernod Ricard's FY Performance by Region, Brand
- Brown-Forman's Q1 Performance by Region, Brand
- Japan follows in Scotch whisky's footsteps
- Diageo launches glass Bulleit & Cola bottles
- Pernod Ricard releases social medial guide
- Pernod Ricard "in line" after full-year results
- Bruno Mars rum rolls out across US
- Brown-Forman CEO unfazed by FX headwinds
- Global gin insights - market data, product innovation and consumer trends research
- Future growth opportunities for global spirits
- Global Tequila insights - market forecasts, product innovation and consumer trends research
- Global rum insights - market forecasts, product innovation and consumer trends research
- Global vodka insights - market forecasts, product innovation and consumer trends research