SINGAPORE – Singapore's takeover regulator rejected a request by Fraser and Neave
Ltd (F&N) seeking a higher offer from a company linked to Thailand's
third-richest man for all the shares of the drinks-and-property conglomerate.
Thai billionaire Charoen
Sirivadhanabhakdi, through TCC Assets Ltd, launched a US$7.2 billion offer this
month to buy out other shareholders of F&N at a price of S$8.88 a share.
F&N's board had said it will
pay out S$4 billion ($3.3 billion) to shareholders following the takeover
through a capital reduction. F&N plans to cancel one for every three shares
held by all shareholders and pay out S$8.50 for each canceled share.
As such, F&N sought a ruling
from Singapore's Securities Industry Council on whether the Thais were required
to raise their offer price of S$8.88 per share to make up for the 38-cent
difference on the canceled share.
The regulator ruled on Friday
that the Thais did not have to raise the offer price, F&N said in a
statement on Monday.
F&N noted TCC had said, in
its takeover offer, that it reserved the right to reduce its offer price if
F&N returned more money to shareholders via a further capital reduction or
a dividend.
The Thais launched the takeover
bid for F&N on September 13, ahead of a key F&N shareholder meeting on
September 28 to vote whether the Singapore group should sell its 40 percent
stake in Asia Pacific Breweries Ltd (APB) to Heineken NV.
Last week, Charoen's Thai
Beverage PCL and TCC, collectively F&N's biggest shareholder, said they
would vote in favor of the sale to Heineken.
Reuters
Business & Investment Opportunities
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