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.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
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.
