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The consortium led by Overseas Union Enterprise (OUE) has despatched the official document for its S$9.08 per share general offer for majority control of Fraser & Neave (F&N), giving shareholders until Jan 3 to accept.
The OUE offer price is before any dividends, meaning that OUE will deduct from accepting shareholders any payouts that have been received before completion. F&N is currently proposing a 12 cents per share final dividend.
F&N shares closed at S$9.39 on Thursday, a 3 per cent premium to the offer price.
The OUE offer is conditional upon the consortium gaining majority control of F&N. The consortium, which comprises OUE and fund managers Farallon Capital Management and Noonday Global Management, does not currently hold any F&N shares, although they have secured an undertaking by F&N's 15 per cent shareholder, Kirin Holdings, to accept their offer.
OUE's offer trumps an earlier bid at $8.88 per share made by companies controlled by Thai tycoon Charoen Sirivadhanabhakdi. Mr Charoen has until Dec 11 to decide whether to meet the OUE offer or to throw in the towel.
The OUE offer price is before any dividends, meaning that OUE will deduct from accepting shareholders any payouts that have been received before completion. F&N is currently proposing a 12 cents per share final dividend.
F&N shares closed at S$9.39 on Thursday, a 3 per cent premium to the offer price.
The OUE offer is conditional upon the consortium gaining majority control of F&N. The consortium, which comprises OUE and fund managers Farallon Capital Management and Noonday Global Management, does not currently hold any F&N shares, although they have secured an undertaking by F&N's 15 per cent shareholder, Kirin Holdings, to accept their offer.
OUE's offer trumps an earlier bid at $8.88 per share made by companies controlled by Thai tycoon Charoen Sirivadhanabhakdi. Mr Charoen has until Dec 11 to decide whether to meet the OUE offer or to throw in the towel.
