SINGAPORE: ThaiBev's TCC extends Fraser and Neave deadline but sticks with price
The battle for F&N has taken another twist
ThaiBev-controlled TCC Assets has extended its offer deadline for Fraser and Neave for a second time, but not raised its bid despite a rival's higher tender.
British Virgin Islands-registered TCC, owned by Thai billionaire Charoen Sirivadhanabhakdi, announced today (22 November) that F&N now has a deadline of 11 December for its SGD8.88-per-share offer, totalling S$9bn (US$7.36bn). It announced a previous extension earlier this month, but the deadline was today.
Through TCC Assets and Chang brewer ThaiBev, Sirivadhanabhakdi holds a 35% stake in Singapore-based conglomerate F&N.
However, since TCC's first offer, Singapore property group Overseas Union Enterprise has tabled a rival S$9.08 per share offer - totalling S$13.1bn (US$10.7bn) for F&N.
If the OUE bid is successful, Japanese food and beverage group Kirin Holdings has also agreed to acquire F&N's food and beverage business for S$2.7bn.
Heineken, meanwhile, has escaped the impact of the latest bidding war after last week confirming it has completed its acquisition of F&N's stake in Tiger brewer Asia Pacific Breweries, thereby boosting its footprint in the region's emerging markets.
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....
- Interview: Mondelez eyes sweet success in China
- The benefits of engaging staff in sustainability
- How food companies involve staff in sustainability
- What next for Bernard Matthews? - comment
- Why Danone is withdrawing Dumex from Vietnam
- Fonterra says value-added strategy paying off
- Ireland unveils national plan to tackle obesity
- B&G Foods acquires ABF's US spice business
- General Mills profit falls as sales disappoint
- Bernard Matthews pensions scheme under review
- Global Chocolate Confectionery Overview: Challenges, Opportunities and Risks
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Global Foodservice Market 2016-2020
- Constellation Brands, Inc. (STZ) - Financial and Strategic SWOT Analysis Review
- Global Food and Drinks Closures: Performance and Opportunities