Shares of Fraser and Neave fell 2% on the Singapore market Tuesday after a group led by Charoen Sirivadhanabhakdi won the takeover battle for the Singapore drinks and property conglomerate in a deal worth around $13.8 billion, about 334.65 billion baht.
NOTE: Singapore $1 is about 24.25 baht.
The Singapore business journal TheEdge reported on Tuesday that a group led by Stephen Riady's Overseas Union Enterprise withdrew after Thailand's TCC Assets, headed by the ThaiBev head Mr Charoen, raised its offer for F&N to $9.55 a share last week and built its stake to more than 40%.
By 10.02am Bangkok time Tuesday, F&N was trading at $9.55 on volume of 44.8 million shares, of which around 37.4 million changed hands in a bloc deal. Overseas Union shares rose 4.4% to $2.86, their highest in more than three months.
On Monday, F&N shares had risen 1.7% to close at $9.74, indicating Overseas Union's withdrawal was not expected by all in the market and some investors were betting on a counterbid.