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F&N
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orangejuice01
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16-Nov-2012 11:42
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TCC is in the money with its invested shares, question now is whether it has the capacity to counter OUE's offer...the fact that Kirin is partnering OUE may spur TCC to counter the move, afterall it was only 2.25% or 20cents and they would look silly to lose it with such a small margin.... |
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flyfox
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15-Nov-2012 21:23
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$9.08 offer ignore link below, paste wrongly |
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flyfox
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15-Nov-2012 21:21
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http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_6D52924464F989C648257AB70046973C/$file/Voluntary_Conditional_Cash_Offer_Announcement_15_Nov_12.pdf?openelement | |||||||||||||||||||||||||||||||||||||||||
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skk888
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07-Nov-2012 17:08
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http://global-4-lvs-colossus.opera-mini.net/hs14-12/18762/4/-1/info.sgx.com/openelement/OUE_Announcement.pdf | |||||||||||||||||||||||||||||||||||||||||
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phil1314
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07-Nov-2012 16:59
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Possibly directors trying to ward off takeovers to retain their jobs and honour
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chinton86
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07-Nov-2012 09:50
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haha..reject $8.88 offer eh.Then why does FNN board intro $8.88 capital reduction in the first place....Are they trying to cheat shareholder? | |||||||||||||||||||||||||||||||||||||||||
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tonylim
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07-Nov-2012 09:50
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If the takeover is not successful, F & N price will dip gradually unless OUE is able to come forward quickly to make a counter offer. Still no news from OUE? Just talk and no action.
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flyfox
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07-Nov-2012 08:21
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http://www.todayonline.com/Business/EDC121106-0000134/Competition-Commission-okays-FNs-APB-sale F& N shareholders likely to reject offer from Thai tycoon: analysts
SINGAPORE : On the Singapore Exchange, shares of Fraser & Neave (F& N) closed higher on Tuesday at S$9.09. This is 2.4 percent higher than the offer price of S$8.88 per share that TCC Assets is offering for the rest of F& N. TCC Assets is a special purpose vehicle linked to Thai tycoon, Charoen Sirivadhanabhakdi. Analysts say this is an indication that F& N shareholders are likely to reject TCC's current offer on 8th November. The S$8.7 billion (US$7.2 billion) takeover bid for F& N Group by TCC assets is likely to fall through. The billionaire Mr Charoen, through his entities TCC and Thai Beverage, currently own a combined 35.68 percent stake in F& N. F& N shareholders were given a ten-day extension (from 29th October to 8th November) to consider TCC's offer price - which has not budged from the original S$8.88. TCC's offer values F& N at over S$10 billion. The extension came following Singapore-listed Overseas Union Enterprises', a company controlled by Indonesia's Lippo Group, expressing interest to buy over F& N. OUE had previously made a S$1.4 billion bid for F& N's hospitality and serviced residences division. F& N was not able to act on that bid as it was the target of a takeover but no offer has materialised from OUE so far. Liu Jinshu, Lead Analyst, SIAS Research, said: " Does OUE have the resources to execute a competing offer or whether they're still in the foray? Considering their market cap and the price tag of F& N, I think we got to look at OUE's interest in F& N. If it's just property, they may just sit down and discuss with TCC how to split the assets rather than engage in a competitive bidding war." Some analysts say given OUE's market capitalisation of S$2.3 billion, it would require the help of partners such as Kirin Holdings, which owns a 15 percent stake in F& N, or even Coca-Cola to launch a takeover bid for F& N. Analysts say for a successful counter-offer, the bid should come in at the high end of the estimated valuation of between S$8.30 and S$11.22. In a circular to shareholders on 10th October 2012, F& N's board also said the offer price of S$8.88 a share is at the low end of an estimated valuation of between S$8.30 and S$11.22. Yet some others say F& N shareholders have a strong incentive to consider the TCC bid. Xavier Jean, Analyst, Standard & Poor's, said: " F& N Shareholders have a strong incentive to consider the TCC bid because there are some complexities for another party to bid for F& N. TCC has first-mover advantage. They've already positioned themselves, they've already put their name on the market. Any new bidder would have to provide a significantly higher price both to TCC and to the other shareholders which would make it more expensive and more difficult." But given that F& N 's financial advisors JP Morgan Chase had previously described TCC's offer as " fair but not compelling" , market watchers say the F& N board might even decide to auction off the various assets separately to extract most value. In a statement to shareholders on 10th October 2012, F& N directors who are also shareholders said they intend not to accept the takeover offer at S$8.88 per share, unless the F& N offer turns unconditional when the offeror secures acceptances which bring its shareholdings to more than 50 percent of F& N's total issued capital. In the run-up to the F& N shareholders meeting on 8th November, analysts are not ruling out the possibility of a counter-bid from another party. But if F& N shareholders were to reject TCC's offer of S$8.88 per share, experts say the takeover premium would be reduced if the likelihood of a future bid disappears. - CNA/ch |
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stock_legend
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01-Nov-2012 15:37
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Vinamilk which FNN has a stake in reported very strong earnings yesterday. An increase of 31.13% y-o-y. Although the size of Vinamilk with regards to FNN is very small, this is positive news for FNN nonetheless.
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bluechip138
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01-Nov-2012 09:39
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Quite likely that TB will raise the bid to seize F & N. After warding off the Heineken by agreeing to sell APB with Heineken not bidding F & N, it is unlikely that TB not wanting to eat the piece of big " F & N" Lion meat that is within an inch from its Elephant mouth. Indeed, Biz Times reported that TB is raising more fund in preparation of OUE's higher bid. Juz my tots..... Thais seek bigger war chest in case of F& N battle Move to tie up more financing prompted by possible rival bid from OUE (Published October 30, 2012) ================================== SINGAPORE] The consortium led by Thai tycoon Charoen Sirivadhanabhakdi is trying to secure additional financing in case it enters into a bidding war for Fraser and Neave (F& N), sources said. Mr Charoen, whose privately held TCC Assets and Singapore-listed brewer Thai Beverage Public Co have offered to buy F& N shares they do not already own, has already secured financing for the Thais' $8.88 per share bid from DBS Bank and United Overseas Bank. In total, the Thais needed up to $8.8 billion to buy up all the F& N shares they did not already control when they made their offer. The Thai offer is conditional upon the bloc gaining majority control of F& N. One market source said the initial financing agreement already had a buffer to allow for a higher bid, but the Thais are hoping to lock in additional funds in the face of a possible rival attempt by Overseas Union Enterprise (OUE). |
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stock_legend
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01-Nov-2012 09:20
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TCC will likely have to increase their bid in order to get over 50% and avoid a different group to come and take over FNN after the tender fail.
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stock_legend
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01-Nov-2012 09:18
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That is possible. At the same time, we have to understand that if TCC cannot get 50% and tender fail then they will not be able to tender for another year. It is possible for a different company (e.g. San Miguel Corp or Suntory) to come in to bid at a slight premium to 8.88 and get the control of FNN from them. This is unlikely the outcome they want. Again the risk reward is 2-3% downside from current price and 10-20% upside. |
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tonylim
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01-Nov-2012 08:20
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OUE is unlikely to raise sufficient funds to bid for a very much higher price tham 8.88. It is safer now to take profit rather than wait for it to slide downward. If OUE is able to bid at a compelling price, it would have done so long time ago. Just my thought
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stock_legend
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31-Oct-2012 12:38
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Just capital raising. They are still short by alot and will likely have to partner with Kirin/Lippo group/others. This might be part of the reason why they are taking so long. By extending the offer deadline and not increasing the bid price, TCC is trying to say to OUE that I dont believe you.
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Singer88
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31-Oct-2012 11:40
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Not sure why OUE do this ?? 30-Oct-2012 17:16:08 ISSUE OF S$200,000,000 4.25 PER CENT. UNSECURED FIXED RATE NOTES DUE 2019 UNDER OVERSEAS UNION ENTERPRISE LIMITED'S S$1,000,000,000 MULTICURRENCY MEDIUM TERM NOTE PROGRAMME |
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stock_legend
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31-Oct-2012 11:25
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It is not legally possible for them to do that. Protection of minority shareholders. | |||||||||||||||||||||||||||||||||||||||||
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skk888
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31-Oct-2012 09:11
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They can keep the deadline, and offer something higher to kirin (as well as those who accepted) near to deadline. We already know that including those who accepted, the parties in concert already hold 35% of the shares. It is clear that they only need kirin to close the deal.
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stock_legend
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31-Oct-2012 08:59
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Yes so if they have to offer the same deal to others, it is the same as increasing the tender price.
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stock_legend
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31-Oct-2012 08:56
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Right now, TCC does not want to increase tender price because they are still hoping that they can cross the line with current prices.But it is unlikely that rationale investors will want to tender at 8.88 when the mid point of fair value range is about 9.7 and current prices are still higher than tender price. I actually think that if TCC cannot get 50% then they will either have to extend the tender dateline in the hope that more investors will jump ship and tender to them, or they will have to increase tender offer price by a bit so that they can get the 50% mark. OUE also likely prefer for tender of TCC to fail and then be barred from tendering for another year before they make their bid so that they can avoid a bidding war against TCC. TCC also knows this and so they will likely increase tender price before their ability to extend runs out. From what I understand, TCC can only extend until November 26. So unless more people jump boat until then, TCC will not be able to get over 50% and will be forced to increase tender price. The risk of someone swooping in to tender at a slight premium after TCC is banned is likely to high for TCC to digest. It will be a waiting game before each party makes their move in a flash. Like two samurais staring at one another before the fight. In the meantime, TCC is likely to try to find various ways to cut the financing of OUE. |
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tonylim
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31-Oct-2012 08:12
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Unless OUE makes an offer higher than 8.88 before 6 Nov, this stock is likely to drop to around 8.88 or below
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