The Straits Times
Published on Dec 11, 2012

Thai tycoon's F&N offer extended for fourth time


Thai billionaire Charoen Sirivadhanabhakdi today had the deadline for his Fraser and Neave (F&N) general offer extended - the fourth time the timeline has been pushed back.

Mr Charoen's $8.88 per-share offer will now expire on Jan 2, the day before the Jan 3 deadline for a higher $9.08 rival bid from a consortium led by property group Overseas Union Enterprise (OUE).

But F&N's shares have been trading steadily above both offers as investors bet on an intense bidding war eventually breaking out.

"All we saw him (Mr Charoen) do today was buy time," said Mr Jonathan Foster, special situations group director of Religare Capital Markets. "There's continuing expectation that he's going to increase his offer."