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.
If OUE's bid had been successful, Kirin had agreed to acquire F&N's food & beverage business for SGD2.7bn.
- BRICs: The thinking behind Mondelez's Vietnam deal
- Interview part 1: BRF CFO Augusto Ribeiro
- Comment: Why Gardein is Pinnacle's ideal fodder
- Deal or no deal: Should Danone buy Mead Johnson?
- Focus: Can BRF deliver aggressive growth?
- Kellogg trumps Abraaj bid for Bisco Misr
- Raisio buys UK, Ireland and Belgium Benecol ops
- Danone, General Mills, Chobani "mislead parents"
- Wrigley opposes Perfetti Van Melle "WTF" TM
- Dutch confirm second bird flu outbreak
- Early Signals: future scenarios that will drive consumption and product innovation over the next five years
- Dairy Product Production in China
- Energy Bars Market in Canada: Market Profile to 2017
- The Snackification of Breakfast
- PepsiCo, Inc. : Consumer Packaged Goods - Company Profile, SWOT & Financial Report