Thai tycoon raises Fraser and Neave offer price to S$9.55 per share

SINGAPORE (REUTERS) - Thai billionaire Charoen Sirivadhanabhakdi raised his offer for Fraser and Neave Ltd (F&N) to S$9.55 per share, valuing the Singapore property and drinks firm at nearly S$13.8 billion, to fend off a rival bid.

Companies linked to Charoen, TCC Assets Ltd and Thai Beverage PLC acquired 90.8 million shares or 6.3 per cent stake in F&N at S$9.55 each, raising their total stake to 40.45 per cent, including acceptances from shareholders, TCC Assets said in a statement released in the early hours of Saturday.

Charoen's previous offer was S$8.88 per share.

A group led by Singapore property firm Overseas Union Enterprise Ltd made a S$9.08-per-share counterbid for F&N in November.

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