Porked & busted: Thai woman nabbed for telling ‘pork’ pies 208 times

[webfact]

Thai tycoon gets extra time to bid for Singapore's F&N

SINGAPORE, Nov 22, 2012 (AFP) - A Thai billionaire's group was given more time on Thursday to revise its offer for Singapore conglomerate Fraser & Neave (F&N) after an Indonesian rival trumped it with a $10.7 billion bid.

TCC Assets, controlled by Thai beverage tycoon Charoen Sirivadhanabhakdi, said in a filing to the Singapore Exchange before the F&N deadline was to expire Thursday that it had been given until December 11 to make a new offer.

F&N, whose businesses range from property to soft drinks and publishing, became a takeover target after selling off its most prized asset, Tiger Beer maker Asia Pacific Breweries, to Dutch giant Heineken in September.

TCC put forward an offer of Sg$8.7 billion ($7.10 billion), or Sg$8.88 a share, for the shares of F&N it does not yet own.

But Indonesian-controlled Overseas Union Enterprise (OUE) tabled a Sg$13.1 billion ($10.7 billon) proposal at Sg$9.08 per share.

Property giant OUE is controlled by Lippo Group, a major Indonesian conglomerate founded by tycoon Mochtar Riady, whose son Stephen is OUE's executive chairman.

OUE's offer for F&N was backed by Japanese brewer Kirin Holdings, which holds about 14.8 percent of F&N and is interested in its food and beverage business, with the property interests of F&N going to OUE if they succeed.

F&N shares closed up 0.21 percent to Sg$9.42 shortly before TCC's deadline extension was announced.

F&N is one of Singapore's oldest homegrown groups, tracing its origins to an aerated water business in 1883.

-- (c) Copyright AFP 2012-11-22

[Arkady]

Greenmail is a good business.

[Keesters]

And if the Thai tycoon revises his offer and trumps the Indonesian rival will he, the Indonesian rival, be given more time to revise his offer? Seems only fair to me.

Edited November 24, 2012 by Keesters

[jaysg]

Mr Chaoren kept his offer at S$8.88 but extended his offer period. His offer price is below that from the Indoneisan Riady family backed OUE.

But nonetheless, Mr Chaoren had made a windfall from purchase and sale of his stakes in F&N.

Analysts predicted sale by Mr Chaoren to OUE.