SINGAPORE: Overseas Union Enterprise extends Fraser & Neave offer deadline
Fraser & Neave is the target for both TCC and OUE
The battle for Fraser & Neave (F&N) has taken another twist after Overseas Union Enterprise (OUE) extended the deadline for its SGD13.1bn (US$10.7bn) offer for the Singapore conglomerate.
In a filing yesterday (3 January), property group OUE said the closing date for its offer has been extended until 14 January. The previous deadline was yesterday.
It comes after ThaiBev-controlled TCC Assets yesterday extended its offer deadline for F&N for a fourth time to 10 January. OUE's bid tops TCC's, which is SGD9bn (US$7.36bn).
If the OUE bid is successful, Japan's Kirin Holdings has agreed to acquire F&N's food & beverage business for SGD2.7bn.
Last month, F&N's board branded OUE's offer as "not compelling, but fair".
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....
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