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Thai group extends F&N takeover offer deadline to Nov 22
November 8, 2012 / 9:22 AM / 5 years ago

Thai group extends F&N takeover offer deadline to Nov 22

SINGAPORE, Nov 8 (Reuters) - The Thai group pursuing Singapore conglomerate Fraser and Neave Ltd (F&N) extended the closing date for its takeover bid to Nov. 22, giving it more time to decide whether it should raise its offer price.

Companies linked to Charoen Sirivadhanabhakdi in September made a $7.2 billion bid to buy shares of F&N that they did not already own. The offer, which values the entire Singapore group around S$12.8 billion ($10.4 billion), was originally scheduled to close on Thursday, having already been extended from Oct. 29.

The Thai companies own a 34 percent stake in F&N. It also has a deal to acquire another 2 percent from shareholders if it controls more than 50 percent of F&N.

Charoen may face a rival bid for F&N from Overseas Union Enterprise Ltd (OUE), which said on Wednesday that it will decide by Nov. 15 whether or not it will make a counterbid.

OUE is controlled by Indonesia’s Lippo Group.

F&N has a property portfolio worth over S$8 billion as well as soft drinks brands including 100Plus, popular in Singapore and Malaysia.

In September, F&N received shareholder approval to sell its stake in Tiger Beer maker Asia Pacific Breweries Ltd to Heineken NV. (Reporting by Eveline Danubrata and Kevin Lim; Editing by Ryan Woo)

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