SINGAPORE: A corporate shoot out over Fraser & Neave is expected on January 21.
The Securities Industry Council (SIC) has said the final time by which TCC Assets or OUE Baytown can revise its offer is 5.30pm on January 21. Each party will either announce any revision to their current takeover bids or walkaway from the deal.
In a statement issued on Tuesday, SIC said that "given that neither TCC nor OUE Baytown has declared its offer final, the council considers that the company's shareholders should be provided with certainty to make their investment decisions in respect of the competing offers."
If either TCC or OUE makes a revised offer on January 21, then an "auction procedure" will kick-in.
TCC Assets on Tuesday extended its S$8.88 per share offer for F&N for the seventh time to January 21, the very same day that rival bidder OUE's offer expires. A consortium led by OUE made a S$9.08 per share bid for F&N in November 2012.
This, after a first bid by Thai tycoon Charoen Sirivadhanabhakdi through his investment assets, TCC and Thai Beverage, in September.
But given that the tug-of-war has been ongoing for several months, some experts said that the Securities Industry Council will not allow for an indefinite period of market uncertainty.
Shares of F&N have been trading above the offers made by TCC Assets and OUE, indicating that shareholders are expecting higher bids.
Fraser & Neave shares ended Tuesday up 0.1 per cent at S$9.70.
-CNA/ac
Bidding showdown over F&N expected on Jan 21
This article
Bidding showdown over F&N expected on Jan 21
can be opened in url
http://newsstonefish.blogspot.com/2013/01/bidding-showdown-over-f-expected-on-jan.html
Bidding showdown over F&N expected on Jan 21
