TAKEOVERS
Charoen extends F&N bid as deadline approaches
- Published: 11 Jan 2013 at 00.00
- Newspaper section: Business
Charoen Sirivadhanabhakdi extended an S$8.9-billion (220 billion baht) offer for Singapore's Fraser and Neave Ltd (F&N) to next Tuesday ahead of a deadline for final bids later this month.
Mr Charoen offered S$8.88 a share for the property and beverages company last September. A group led by Overseas Union Enterprise Ltd (OUE) on Nov 15 countered with a S$9.08-per-share bid. Both have until Jan 21 for final offers under Singaporean takeover law, said F&N spokeswoman Elaine Lim.
F&N shares have traded above both offers in a sign investors expect the bidding war to escalate. Mr Charoen agreed to buy a 22% stake in F&N last July, setting off a fight for the company's soft-drink and property assets and prompting the sale of its beer unit to Heineken NV.
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