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F&N: Charoen’s offer not compelling

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Fraser & Neave Ltd plans to say that Thai billionaire Charoen Sirivadhanabhakdi's US$7.3 billion takeover offer is not compelling and undervalues some of its assets, according to people with knowledge of the matter. 

F&N's board is likely to say on Thursday the S$8.88 (US$7.21) a share bid is fair, based on recommendations from adviser JPMorgan Chase & Co, said the people, who asked not to be named because the matter is private. Still, F&N is likely to add that the bid undervalues its properties and its brewing assets in Myanmar, according to three people.

Charoen, through Thai Beverage Plc (THBEV) and TCC Assets Ltd, in September offered S$9 billion for the 70% of Singapore- based F&N he did not already own. F&N shareholders last month agreed to sell the company's 40% stake in Tiger beer maker Asia Pacific Breweries Ltd (APB) for S$5.6 billion to Heineken NV (HEIA).

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