THE takeover battle for Fraser & Neave has ended after Overseas Union Enterprise (OUE) decided to throw in the towel.

In a statement to the exchange today, OUE said it had decided not to revise its offer.

This leaves Thai billionaire Charoen Sirivadhanabhakdi's offer of $9.55 a share as the only one left on the table.

In its statement, OUE noted that in order for it to secure the more than 50 per cent acceptances for the offer to become unconditional, it would need to significantly increase the offer price to a level which is no longer as attractive, given the potential impact of the recent measures taken by the Singapore Government in relation to the property market.

"OUE is a disciplined investor and at all times acts in the best interests of OUE and its shareholders."

Despite bowing out, OUE believes that its involvement in the F&N bidding process has enabled F&N shareholders to increase the value of their investment.

By raising his offer price from $8.88 to $9.55 apiece, Mr Charoen has effectively increased the value of F&N as a whole by almost $1 billion.