F&N to sell shares to Charoen
- Published: 27 Jan 2013 at 17.01
- Online news:
Fraser and Neave Ltd chairman Lee Hsien Yang and three other directors plan to sell their shares to TCC Assets Ltd after adviser JPMorgan Chase & Co called the Thai company's S$13.8 billion (331 billion baht) revised takeover bid fair.
Thai billionaire Charoen Sirivadhanabhakdi's TCC bid for F&N at S$9.55 a share on Jan 18, topping an offer by a group led by Overseas Union Enterprise Ltd, which later decided not raise its earlier bid of S$9.08. TCC Assets said it owned 45.32% of the company as of Jan 25.
"The TCC bid is the only offer that is available for acceptance by shareholders as at the latest predictable date," the F&N board said in a letter published on the company's website yesterday.
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