The fund, controlled by Chang beer brewer ThaiBev, said yesterday (30 January) it had acquired an extra 8.6m shares at S$9.55 per share, meaning it now owns a 50.92% stake in the Singapore conglomerate. TCC’s bid for the remaining shares has been declared “unconditional in all respects”, it said.
Meanwhile, F&N shareholders now have until 18 February to tender their shares after the offer deadline was extended.
Kirin Holdings, F&N’s second largest shareholder with a 14.8% stake, has not yet accepted the offer but will decide by Monday (4 February), The Wall Street Journal reported.
Earlier this week, F&N board of directors said they will step down once the TCC takeover is complete.
TCC, owned by Thai billionaire Charoen Sirivadhanabhakdi, previously fought off a challenge for F&N from Singapore property firm Overseas Union Enterprise after a long-running bidding war.