Thai billionaire Charoen Sirivadhanabhakdi extended a deadline for a US$7.3 billion offer for Fraser & Neave to a day before a higher bid from a group led by Overseas Union Enterprise is due to close.
Charoen’s TCC Assets Ltd. will extend the closing date on its S$8.88 offer for the property and beverages conglomerate a fourth time to Jan. 2. The OUE-led group on November 15 topped his bid with a S$9.08 offer that closes January 3.
Taking over the conglomerate’s soft-drink and real-estate businesses would help Charoen expand his Thai businesses in Asia. The billionaire agreed to buy a stake in the drinks and property company in July, setting off a race to buy its assets.
F&N shares fell 0.5 per cent to S$9.40 at 9:29 am in Singapore trading on Tuesday.
OUE has enlisted Kirin Holdings, Japan’s largest drinks maker and F&N’s second-largest shareholder, in its bid. OUE would get the company’s property business and Kirin would take the food and beverage unit.
Kirin, which has a 14.8 per cent stake in F&N, has agreed to tender its shares and won’t accept any competing bid, said OUE, a property affiliate of Indonesia-based Lippo Group.
The Japanese brewer, Asia’s biggest beverage maker, will offer S$2.7 billion for F&N’s food and beverage business, if OUE wins enough support to complete the takeover.