F&N prices soar as new bidder enters arena
- Published: 16 Nov 2012 at 17.20
- Online news:
The price of Fraser & Neave Ltd shares rose to a record in Singapore trading Friday after a S$13.1 billion (US$10.7 billion) takeover offer from a group led by Overseas Union Enterprise Ltd (OUE) escalated the bidding war for the 129-year-old property and beverages conglomerate.
F&N stock traded as high as S$9.36 late today and was set for its highest close. The OUE group yesterday offered S$9.08 a share, topping the S$8.88 offer by Charoen Sirivadhanabhakdi, Thailand’s richest man.
“I’d expect a better offer from Charoen,” said Justin Harper, a strategist at IG Markets in Singapore.
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