SINGAPORE: Thai billionaire extends Fraser and Neave bid deadline
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.
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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