Fraser & Neave’s board of directors have said they will resign from the company once the takeover by TCC Assets is completed. 

In a statement released today (29 January), the company said all directors will step down, including those seeking re-election at today’s AGM. “The directors are committed to ensuring an orderly transition to a new board,” the statement said. 

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Once TCC’s SGD9.55 per-share offer is declared “unconditional”, F&N’s board will appoint three new directors in consultation with TCC, it said. 

ThaiBev-controlled TCC appears to have won the long-running battle for the Singapore conglomerate after property group Overseas Union Enterprise withdrew a lower offer earlier this month. 

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