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Name | Symbol | Market | Type |
---|---|---|---|
Kirin Holdings Company Limited (PK) | USOTC:KNBWY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.04 | -0.31% | 12.88 | 12.82 | 13.00 | 12.98 | 12.8475 | 12.87 | 191,268 | 21:02:10 |
SINGAPORE--Fraser & Neave Ltd.'s (F99.SG) financial adviser has said that Overseas Union Enterprise Ltd.'s (LJ3.SG) US$10.6 billion offer to take control of the Singapore conglomerate isn't "compelling, though fair," suggesting that the bid may not get support from Fraser & Neave's board, two people with knowledge of the situation said Wednesday.
Fraser & Neave is currently the subject of a multibillion-dollar takeover battle between Thai billionaire Charoen Sirivadhanabhakdi and Overseas Union, majority-owned by the wealthy Indonesian Riady family. Mr. Charoen had in September made a US$7.2 billion offer for Fraser & Neave through his unlisted entity TCC Assets and Thai Beverage PCL (Y92.SG).
JPMorgan Chase & Co. was appointed by Fraser & Neave to give it an independent appraisal of the two bids.
Overseas Union had last month made a 9.08 Singapore dollar ($7.44) a share bid for Fraser & Neave.
An OUE spokeswoman said "we believe that JPM will find our offer attractive with Kirin Holdings Co. Ltd. (2503.TO) on board and the synergies could be achieved in combining F&N's property business with ours."
In October, Fraser & Neave, citing the advice of JPMorgan, said Mr. Charoen's S$8.88 per share offer was "not compelling, though fair." JPMorgan noted that it was near the low end of its estimated valuation for Fraser & Neave of S$8.30 to S$11.22 a share.
Shares of Fraser & Neave are now trading at 9.63 Singapore dollars each, up 55% so far this year, and over 7% higher than their levels in September.
Write to P.R. Venkat at venkat.pr@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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