F&N directors say Thai tycoon's offer is "not compelling, but fair"
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Thai Beverage's Chairman Charoen Sirivadhanabhakdi speaks during a news conference at the Singapore Exchange in Singapore, in this file picture taken on May 30, 2006. Fraser & Neave directors on Wednesday night issued their long-awaited recommendation to shareholders on the general offer for the conglomerate from Mr Charoen. --PHOTO: REUTERS
Fraser & Neave directors on Wednesday night issued their long-awaited recommendation to shareholders on the general offer for the conglomerate from Thai tycoon Charoen Sirivadhanabhakdi.
They concurred with the independent financial advisers' recommendation that the $8.88 per-share bid from Mr Charoen is "not compelling but fair".
Directors who hold F&N stock will not sell to Mr Charoen at $8.88, unless he manages to accumulate more than 50 per cent of the firm's shares.
