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F&N investors divided on Thai tycoon's offer

While some have opted to take the money, others are sitting tight

Published on Oct 10, 2012 6:00 AM
Some are waiting for the Fraser & Neave directors’ advice on the takeover offer, expected to arrive by Thursday. -- PHOTO: BLOOMBERG

Fraser & Neave (F&N) directors are set to issue their keenly awaited advice on the takeover offer from Thai tycoon Charoen Sirivadhanabhakdi on Thursday but many shareholders seem to be trusting their own judgment.

While some believe Mr Charoen's $8.88 a share offer undervalues the conglomerate, plenty of other investors have been happy to take the money.

Mr Charoen's investment vehicle TCC Assets has mopped up 36.1 million shares from the market from late last month to last Friday.

This is a clear sign that many investors are satisfied with his offer and that takes the stake controlled by Mr Charoen's parties to 33.49 per cent.

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