SINGAPORE: Thai billionaire extends Fraser and Neave bid deadline
By James Wilmore | 11 December 2012
The investment vehicle owned by Thai billionaire Charoen Sirivadhanabhakdi has extended its offer deadline for Singapore food and beverage group Fraser and Neave for a third time.
The British Virgin Islands-registered TCC Assets said today (11 December) the closing date for its mandatory conditonal cash offer has been extended to 2 January. The previous deadline for the S$8.88-per-share offer, totalling S$9bn (US$7.36bn), was today. Prior to that, an extension had been granted to its first offer in September.
Sirivadhanabhakdi already owns a 35% stake in F&N but is facing a battle with Singapore-based property group Overseas Union Enterprise (OUE) for the company.
Last month, OUE submitted a S$13.1bn cash offer for full control of F&N, topping TCC's bid. The deadline for the OUE bid is 3 January.
If the OUE offer is successful, Japan's Kirin Holdings has agreed to acquire F&N's food and beverage business for S$2.7bn.
Sectors: Dairy, Emerging markets, Ice cream, Mergers & acquisitions
Companies: Fraser and Neave, Kirin Holdings
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