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Singapore regulator rejects F&N's request (3689)
by JF Tue 25 Sep 2012, 11:55
SINGAPORE: Singapore's takeover regulator rejected a request by Fraser and Neave Ltd (F&N), seeking a higher offer from a company linked to Thailand's third-richest man, for all the shares of the drinks-and-property conglomerate.
Thai billionaire Charoen Sirivadhanabhakdi, through TCC Assets Ltd, launched a US$7.2 billion (RM22.10 billion) offer this month to buy out other shareholders of F&N at a price of S$8.88 (RM22.2) a share.
F&N's board had said it will pay out S$4 billion to shareholders following the takeover through a capital reduction. F&N plans to cancel one for every three shares held by all shareholders and pay out S$8.50 for each cancelled share.
As such, F&N sought a ruling from Singapore's Securities Industry Council on whether the Thais were required to raise their offer price of S$8.88 per share to make up for the 38-cent difference on the cancelled share.
The regulator ruled last Friday that the Thais did not have to raise the offer price, F&N said in a statement yesterday. Reuters
Read more: Singapore regulator rejects F&N's request [You must be registered and logged in to see this link.]
Thai billionaire Charoen Sirivadhanabhakdi, through TCC Assets Ltd, launched a US$7.2 billion (RM22.10 billion) offer this month to buy out other shareholders of F&N at a price of S$8.88 (RM22.2) a share.
F&N's board had said it will pay out S$4 billion to shareholders following the takeover through a capital reduction. F&N plans to cancel one for every three shares held by all shareholders and pay out S$8.50 for each cancelled share.
As such, F&N sought a ruling from Singapore's Securities Industry Council on whether the Thais were required to raise their offer price of S$8.88 per share to make up for the 38-cent difference on the cancelled share.
The regulator ruled last Friday that the Thais did not have to raise the offer price, F&N said in a statement yesterday. Reuters
Read more: Singapore regulator rejects F&N's request [You must be registered and logged in to see this link.]
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