SINGAPORE: OUE offer "not compelling but fair", says Fraser and Neave
Fraser and Neave's board of directors has branded Overseas Union Enterprise's (OUE) S$13.1bn (US$10.7bn) offer for the group as "not compelling, but fair".
The Singapore conglomerate released a 116-page circular to shareholders today (19 December), outlining its opinion on the offer. OUE, a Singapore-based property group, submitted its bid for F&N last month, beating an offer from TCC Assets, a fund controlled by Chang beer brewer ThaiBev.
Following advice from JP Morgan, F&N's board said today: "The OUE offer price is not compelling but fair, from a financial point of view." The view mirrors that of F&N's view on the ThaiBev offer.
If OUE captures F&N, Japan's Kirin Holdings has agreed to acquire the Singapore firm's food and beverage business. In the circular, JP Morgan says Kirin's offer for this part of the business is "fair, from a financial point of view".
ThaiBev, which owns around 33.64% of F&N, submitted a S$8.88 per-share offer for the conglomerate in September through TCC Assets - a special purpose vehicle part-owned by ThaiBev boss Charoen Sirivadhanabhakdi. Since then ThaiBev has extended the deadline for its offer three times, with the latest set at 2 January.
Meanwhile, the Chang brewer announced late last night that another subsidiary, Internationnal Beverage Holdings Limited, has transferred its 28.63% stake in F&N to its own wholly-owned subsidiary, Interbev Investment Limited.
Dairy in Malaysia industry profile provides top-line qualitative and quantitative summary information including: market size (value 2007-11, and forecast to 2016). The profile also contains descriptio...
Kirin Holdings has reported a significant return to net profit in its first quarter helped by the sale of its stake in Fraser and Neave earlier this year....
Dairy in Singapore industry profile provides top-line qualitative and quantitative summary information including: market size (value 2007-11, and forecast to 2016). The profile also contains descripti...
- Focus: Danone CEO Faber puts stamp on business
- Cleaning up Tesco will have mixed supplier impact
- The just-food interview: Doux CEO Arnaud Marion
- Bitesize interview: Cricketer Farm MD Greg Parsons
- 2015 preview: A better deal for M&A sellers
- General Mills outlines "aggressive" NPD drive
- Coles supplier payments broke competition law
- Lay's heads "billionaire food brands" list
- Australia consumer watchdog probes raw milk sales
- PepsiCo opens snacks plant in Saudi Arabia