F&N directors say Thai tycoon's offer is "not compelling, but fair"

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.