A Thai billionaire was granted another week yesterday to submit an improved bid for Singapore conglomerate Fraser and Neave (F&N), as an Indonesian rival waited in the wings.
The deadline for TCC Assets, controlled by Thai drinks tycoon Charoen Sirivadhanabhakdi, "has been extended to 5.30pm on Jan 10" TCC said in a statement sent to the media after the stock market closed.
TCC originally had until yesterday to improve its original bid of US$7.12 billion, or S$8.88 a share, which it made in September for the F&N shares it does not yet own. The latest extension is the third occasion TCC has asked for more time after an Indonesian consortium led by property firm Overseas Union Enterprise (OUE) tabled a counter-offer for F&N in mid-November.
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