The battle for Fraser & Neave appears to be over after Overseas Union Enterprise (OUE) said it will not increase its bid to match its rival, TCC Assets.

In a statement today (21 January), the property group said it has decided “not to revise the offer price”, after ThaiBev-controlled TCC raised its bid late last week from SGD8.88 (US$7.22) to SGD9.55. The statement came after an auction process, called for by Singapore’s Securities Industry Council, kicked off earlier today.

OUE said it has made the decision in the “best interests” of the company and its shareholders.

“OUE is confident that other opportunities will arise and at price levels which are more attractive and value creating for OUE and its shareholders,” the statement added.

TCC and OUE had been involved in a battle for Singapore conglomerate F&N since OUE tabled a bid in November.

Due to its increased bid, TCC is now set to pay around SGD13.75bn (US$11.2bn) for F&N, whose interests include soft drinks, food, property and publishing.

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By GlobalData

If OUE’s bid had been successful, Kirin had agreed to acquire F&N’s food & beverage business for SGD2.7bn.