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It is possible, but they have to increase the new offer to others as well. Extracted from the circular to shareholders:
2.11 Purchases Outside of the F&N Offer. Section 2.10 of the Offer Document states that subject to the requirements under the laws of Singapore, the Offeror and its affiliates may purchase or make arrangements to purchase Offer Shares outside of the F&N Offer, such as in open market transactions or privately negotiated purchases (“Outside Purchases”), provided that (a) such Outside Purchases will not be made, and may not be accepted by, any Overseas Shareholders resident or domiciled in the United States of America and (b) the Offer Price is increased to match any consideration paid in any such purchase or arrangement that is greater. To the extent information about any Outside Purchases is made publicly available in Singapore, such information will be made publicly available to Overseas Shareholders resident or domiciled in the United States of America on the website of the SGX-ST at www.sgx.com.
stock_legend ( Date: 30-Oct-2012 21:50) Posted:
I am not a lawyer but from what I understand a private deal is not legally possible at this point.
skk888 ( Date: 30-Oct-2012 19:29) Posted:
| The downside is more than 3-4%. Another scenario you did not include is that TCC offers premium to kirin for private deal. They would have 50% and offer turns unconditional. If shareholders don't accept 8.88, it will return to its average ($6-7) as there's no longer incentive for Tcc to offer at 8.88 |
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Both the owners of TCC and Lippo are smart enough to know that F& N is cheap and a very good deal. I do not think there are other motives for them except to try to be richer than before. The only question for Lippo is whether or not they can find adequate financing or partners to co-invest. At this point Kirin might join OUE to carve out the beverage business and leave the property business to OUE.
phil1314 ( Date: 30-Oct-2012 19:37) Posted:
You are the master strategist and very well thought through.
In your analysis what are the underlying motive of TCC and Lippo?
Please share
stock_legend ( Date: 30-Oct-2012 17:28) Posted:
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Lets think through the potential scenarios abit more
systematically.
In my humble opinion, there are 2 broad scenarios and 6
sub-scenarios.
The 2 broad scenarios are 1) OUE consortium bids 2) OUE
consortium does not bid
For 1) there are 2 sub-scenarios:
1.1) TCC counter bids, leading to a bidding war between
TCC and OUE, and resulting price of FNN will be at 10.5-11.5 depending on how
intense the bidding war becomes
1.2) TCC
does not counter bid, and OUE consortium gets to tender FNN. Likely price will
be the mid point of fair value range provided by independent study commissioned
by FNN plus a small premium to appease shareholders. So around 10-10.5
For 2) there are 4 sub-scenarios
2.1) TCC increases tender price to sweeten offer and get
more shareholders to tender. Likely new tender price will be 9-9.5 range
2.2) TCC keeps current offers and the tender succeed as is.
Price will come down to 8.88 in the near term.
2.3) TCC keeps current offers and the tender fails, and TCC is
legally barred from tendering for another year, and a new bidder (maybe Suntory
or OUE return or another consortium) comes to bid at a slight premium to offer
price of TCC. Likely price will be in the 9-9.5 range
2.4) TCC keeps current offers and the tender fails, and TCC
is legally barred from tendering for another year, and no new bidder comes
along. Price will come down to 8.88.
From the above scenarios, 2.2) would be the best for TCC but
at the same time given the strategic importance of FNN to THBEV’s expansion
plans, going for 2.2) would be very risky in the sense of 2.3) happening.
So if OUE does not bid then 2.1) is very likely if
shareholders of FNN hang tough and do not tender in their shares – TCC will be
forced to increase their tender offer price to get over the 50% mark.
If OUE bids then 1.1) is most likely given that FNN is of
strategic importance to THBEV.
If you have studied the business history of LIPPO and TCC,
you will know that both have made aggressive bids for companies. So what we are
seeing now is a situation where 2 samurais are staring at each other – the calm
before the battle.
From the news, TCC is increasing the number of bank
partnerships on the condition that those banks do not lend to the takeover bid
by OUE. This is a smart move given that equity raising is likely more painful
than OUE and getting enough partners may not be easy.
Let’s continue to monitor what happens. In any case, the
risk return of FNN is very attractive now. Upside of 10-20% vs downside of 3-4%.
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TCC has a property arm as well so it is highly possible that they want the properties of F& N especially when they are getting good price for it. At the same time you are right to say that they can sell to OUE later on if they cooperate now.
The key though is whether or not TCC can cross the 50% hurdle with current tender price. If they cannot and the tender fail, then it will have to sit out for a year, and F& N could be vulnerable for a takeover offer by another party for a slight premium to 8.88. They are so many private equity funds and other Asian conglomerates that are eyeing F& N now. TCC will likely have to increase tender offer price even if OUE does not bid.
shadowmoon ( Date: 30-Oct-2012 21:23) Posted:
Thk simple.......
What if both (TCC & OUE) work hand in hand to swallow the whole of F& N.
Rem ThaiBev prefer asset of F& N is actually beverages. And OUE prefer asset is actually Property asset.
Let see how the whole situation turn. Cheers.
phil1314 ( Date: 30-Oct-2012 19:37) Posted:
You are the master strategist and very well thought through.
In your analysis what are the underlying motive of TCC and Lippo?
Please share |
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I am not a lawyer but from what I understand a private deal is not legally possible at this point.
skk888 ( Date: 30-Oct-2012 19:29) Posted:
The downside is more than 3-4%. Another scenario you did not include is that TCC offers premium to kirin for private deal. They would have 50% and offer turns unconditional. If shareholders don't accept 8.88, it will return to its average ($6-7) as there's no longer incentive for Tcc to offer at 8.88.
stock_legend ( Date: 30-Oct-2012 17:28) Posted:
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Lets think through the potential scenarios abit more
systematically.
In my humble opinion, there are 2 broad scenarios and 6
sub-scenarios.
The 2 broad scenarios are 1) OUE consortium bids 2) OUE
consortium does not bid
For 1) there are 2 sub-scenarios:
1.1) TCC counter bids, leading to a bidding war between
TCC and OUE, and resulting price of FNN will be at 10.5-11.5 depending on how
intense the bidding war becomes
1.2) TCC
does not counter bid, and OUE consortium gets to tender FNN. Likely price will
be the mid point of fair value range provided by independent study commissioned
by FNN plus a small premium to appease shareholders. So around 10-10.5
For 2) there are 4 sub-scenarios
2.1) TCC increases tender price to sweeten offer and get
more shareholders to tender. Likely new tender price will be 9-9.5 range
2.2) TCC keeps current offers and the tender succeed as is.
Price will come down to 8.88 in the near term.
2.3) TCC keeps current offers and the tender fails, and TCC is
legally barred from tendering for another year, and a new bidder (maybe Suntory
or OUE return or another consortium) comes to bid at a slight premium to offer
price of TCC. Likely price will be in the 9-9.5 range
2.4) TCC keeps current offers and the tender fails, and TCC
is legally barred from tendering for another year, and no new bidder comes
along. Price will come down to 8.88.
From the above scenarios, 2.2) would be the best for TCC but
at the same time given the strategic importance of FNN to THBEV’s expansion
plans, going for 2.2) would be very risky in the sense of 2.3) happening.
So if OUE does not bid then 2.1) is very likely if
shareholders of FNN hang tough and do not tender in their shares – TCC will be
forced to increase their tender offer price to get over the 50% mark.
If OUE bids then 1.1) is most likely given that FNN is of
strategic importance to THBEV.
If you have studied the business history of LIPPO and TCC,
you will know that both have made aggressive bids for companies. So what we are
seeing now is a situation where 2 samurais are staring at each other – the calm
before the battle.
From the news, TCC is increasing the number of bank
partnerships on the condition that those banks do not lend to the takeover bid
by OUE. This is a smart move given that equity raising is likely more painful
than OUE and getting enough partners may not be easy.
Let’s continue to monitor what happens. In any case, the
risk return of FNN is very attractive now. Upside of 10-20% vs downside of 3-4%.
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Thk simple.......
What if both (TCC & OUE) work hand in hand to swallow the whole of F& N.
Rem ThaiBev prefer asset of F& N is actually beverages. And OUE prefer asset is actually Property asset.
Let see how the whole situation turn. Cheers.
phil1314 ( Date: 30-Oct-2012 19:37) Posted:
You are the master strategist and very well thought through.
In your analysis what are the underlying motive of TCC and Lippo?
Please share
stock_legend ( Date: 30-Oct-2012 17:28) Posted:
|
Lets think through the potential scenarios abit more
systematically.
In my humble opinion, there are 2 broad scenarios and 6
sub-scenarios.
The 2 broad scenarios are 1) OUE consortium bids 2) OUE
consortium does not bid
For 1) there are 2 sub-scenarios:
1.1) TCC counter bids, leading to a bidding war between
TCC and OUE, and resulting price of FNN will be at 10.5-11.5 depending on how
intense the bidding war becomes
1.2) TCC
does not counter bid, and OUE consortium gets to tender FNN. Likely price will
be the mid point of fair value range provided by independent study commissioned
by FNN plus a small premium to appease shareholders. So around 10-10.5
For 2) there are 4 sub-scenarios
2.1) TCC increases tender price to sweeten offer and get
more shareholders to tender. Likely new tender price will be 9-9.5 range
2.2) TCC keeps current offers and the tender succeed as is.
Price will come down to 8.88 in the near term.
2.3) TCC keeps current offers and the tender fails, and TCC is
legally barred from tendering for another year, and a new bidder (maybe Suntory
or OUE return or another consortium) comes to bid at a slight premium to offer
price of TCC. Likely price will be in the 9-9.5 range
2.4) TCC keeps current offers and the tender fails, and TCC
is legally barred from tendering for another year, and no new bidder comes
along. Price will come down to 8.88.
From the above scenarios, 2.2) would be the best for TCC but
at the same time given the strategic importance of FNN to THBEV’s expansion
plans, going for 2.2) would be very risky in the sense of 2.3) happening.
So if OUE does not bid then 2.1) is very likely if
shareholders of FNN hang tough and do not tender in their shares – TCC will be
forced to increase their tender offer price to get over the 50% mark.
If OUE bids then 1.1) is most likely given that FNN is of
strategic importance to THBEV.
If you have studied the business history of LIPPO and TCC,
you will know that both have made aggressive bids for companies. So what we are
seeing now is a situation where 2 samurais are staring at each other – the calm
before the battle.
From the news, TCC is increasing the number of bank
partnerships on the condition that those banks do not lend to the takeover bid
by OUE. This is a smart move given that equity raising is likely more painful
than OUE and getting enough partners may not be easy.
Let’s continue to monitor what happens. In any case, the
risk return of FNN is very attractive now. Upside of 10-20% vs downside of 3-4%.
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You are the master strategist and very well thought through.
In your analysis what are the underlying motive of TCC and Lippo?
Please share
stock_legend ( Date: 30-Oct-2012 17:28) Posted:
|
Lets think through the potential scenarios abit more
systematically.
In my humble opinion, there are 2 broad scenarios and 6
sub-scenarios.
The 2 broad scenarios are 1) OUE consortium bids 2) OUE
consortium does not bid
For 1) there are 2 sub-scenarios:
1.1) TCC counter bids, leading to a bidding war between
TCC and OUE, and resulting price of FNN will be at 10.5-11.5 depending on how
intense the bidding war becomes
1.2) TCC
does not counter bid, and OUE consortium gets to tender FNN. Likely price will
be the mid point of fair value range provided by independent study commissioned
by FNN plus a small premium to appease shareholders. So around 10-10.5
For 2) there are 4 sub-scenarios
2.1) TCC increases tender price to sweeten offer and get
more shareholders to tender. Likely new tender price will be 9-9.5 range
2.2) TCC keeps current offers and the tender succeed as is.
Price will come down to 8.88 in the near term.
2.3) TCC keeps current offers and the tender fails, and TCC is
legally barred from tendering for another year, and a new bidder (maybe Suntory
or OUE return or another consortium) comes to bid at a slight premium to offer
price of TCC. Likely price will be in the 9-9.5 range
2.4) TCC keeps current offers and the tender fails, and TCC
is legally barred from tendering for another year, and no new bidder comes
along. Price will come down to 8.88.
From the above scenarios, 2.2) would be the best for TCC but
at the same time given the strategic importance of FNN to THBEV’s expansion
plans, going for 2.2) would be very risky in the sense of 2.3) happening.
So if OUE does not bid then 2.1) is very likely if
shareholders of FNN hang tough and do not tender in their shares – TCC will be
forced to increase their tender offer price to get over the 50% mark.
If OUE bids then 1.1) is most likely given that FNN is of
strategic importance to THBEV.
If you have studied the business history of LIPPO and TCC,
you will know that both have made aggressive bids for companies. So what we are
seeing now is a situation where 2 samurais are staring at each other – the calm
before the battle.
From the news, TCC is increasing the number of bank
partnerships on the condition that those banks do not lend to the takeover bid
by OUE. This is a smart move given that equity raising is likely more painful
than OUE and getting enough partners may not be easy.
Let’s continue to monitor what happens. In any case, the
risk return of FNN is very attractive now. Upside of 10-20% vs downside of 3-4%.
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The downside is more than 3-4%. Another scenario you did not include is that TCC offers premium to kirin for private deal. They would have 50% and offer turns unconditional. If shareholders don't accept 8.88, it will return to its average ($6-7) as there's no longer incentive for Tcc to offer at 8.88.
stock_legend ( Date: 30-Oct-2012 17:28) Posted:
|
Lets think through the potential scenarios abit more
systematically.
In my humble opinion, there are 2 broad scenarios and 6
sub-scenarios.
The 2 broad scenarios are 1) OUE consortium bids 2) OUE
consortium does not bid
For 1) there are 2 sub-scenarios:
1.1) TCC counter bids, leading to a bidding war between
TCC and OUE, and resulting price of FNN will be at 10.5-11.5 depending on how
intense the bidding war becomes
1.2) TCC
does not counter bid, and OUE consortium gets to tender FNN. Likely price will
be the mid point of fair value range provided by independent study commissioned
by FNN plus a small premium to appease shareholders. So around 10-10.5
For 2) there are 4 sub-scenarios
2.1) TCC increases tender price to sweeten offer and get
more shareholders to tender. Likely new tender price will be 9-9.5 range
2.2) TCC keeps current offers and the tender succeed as is.
Price will come down to 8.88 in the near term.
2.3) TCC keeps current offers and the tender fails, and TCC is
legally barred from tendering for another year, and a new bidder (maybe Suntory
or OUE return or another consortium) comes to bid at a slight premium to offer
price of TCC. Likely price will be in the 9-9.5 range
2.4) TCC keeps current offers and the tender fails, and TCC
is legally barred from tendering for another year, and no new bidder comes
along. Price will come down to 8.88.
From the above scenarios, 2.2) would be the best for TCC but
at the same time given the strategic importance of FNN to THBEV’s expansion
plans, going for 2.2) would be very risky in the sense of 2.3) happening.
So if OUE does not bid then 2.1) is very likely if
shareholders of FNN hang tough and do not tender in their shares – TCC will be
forced to increase their tender offer price to get over the 50% mark.
If OUE bids then 1.1) is most likely given that FNN is of
strategic importance to THBEV.
If you have studied the business history of LIPPO and TCC,
you will know that both have made aggressive bids for companies. So what we are
seeing now is a situation where 2 samurais are staring at each other – the calm
before the battle.
From the news, TCC is increasing the number of bank
partnerships on the condition that those banks do not lend to the takeover bid
by OUE. This is a smart move given that equity raising is likely more painful
than OUE and getting enough partners may not be easy.
Let’s continue to monitor what happens. In any case, the
risk return of FNN is very attractive now. Upside of 10-20% vs downside of 3-4%.
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Lets think through the potential scenarios abit more
systematically.
In my humble opinion, there are 2 broad scenarios and 6
sub-scenarios.
The 2 broad scenarios are 1) OUE consortium bids 2) OUE
consortium does not bid
For 1) there are 2 sub-scenarios:
1.1) TCC counter bids, leading to a bidding war between
TCC and OUE, and resulting price of FNN will be at 10.5-11.5 depending on how
intense the bidding war becomes
1.2) TCC
does not counter bid, and OUE consortium gets to tender FNN. Likely price will
be the mid point of fair value range provided by independent study commissioned
by FNN plus a small premium to appease shareholders. So around 10-10.5
For 2) there are 4 sub-scenarios
2.1) TCC increases tender price to sweeten offer and get
more shareholders to tender. Likely new tender price will be 9-9.5 range
2.2) TCC keeps current offers and the tender succeed as is.
Price will come down to 8.88 in the near term.
2.3) TCC keeps current offers and the tender fails, and TCC is
legally barred from tendering for another year, and a new bidder (maybe Suntory
or OUE return or another consortium) comes to bid at a slight premium to offer
price of TCC. Likely price will be in the 9-9.5 range
2.4) TCC keeps current offers and the tender fails, and TCC
is legally barred from tendering for another year, and no new bidder comes
along. Price will come down to 8.88.
From the above scenarios, 2.2) would be the best for TCC but
at the same time given the strategic importance of FNN to THBEV’s expansion
plans, going for 2.2) would be very risky in the sense of 2.3) happening.
So if OUE does not bid then 2.1) is very likely if
shareholders of FNN hang tough and do not tender in their shares – TCC will be
forced to increase their tender offer price to get over the 50% mark.
If OUE bids then 1.1) is most likely given that FNN is of
strategic importance to THBEV.
If you have studied the business history of LIPPO and TCC,
you will know that both have made aggressive bids for companies. So what we are
seeing now is a situation where 2 samurais are staring at each other – the calm
before the battle.
From the news, TCC is increasing the number of bank
partnerships on the condition that those banks do not lend to the takeover bid
by OUE. This is a smart move given that equity raising is likely more painful
than OUE and getting enough partners may not be easy.
Let’s continue to monitor what happens. In any case, the
risk return of FNN is very attractive now. Upside of 10-20% vs downside of 3-4%.
Notice that the buyers q keep coming.......
If the Thai group let Indo group buy over their stake then this prove the wheeler dealer skills of the Thai group that has profitted twice F&N and APB.
But if the Thai group does wrestle for control then there must be an agenda which is likely to be the $5.6billion war chest that can be handy for the group to inject their Thai assets into F&N in exchange for cash. But this is subject to shareholders approval.
But the indo group may also be interested in F&N due to the properties that can be divested and restructured into Reits like their other Indonesian shopping centres.
Now F&N becomes too attractive as a vulnerable target.
shadowmoon ( Date: 20-Oct-2012 18:05) Posted:
If I'm the Thai, i will do the indo a favour, let them take over F& N.
Bc there are other good choice take-over company. Need not spend big to acquire .....
See how they plan.... |
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If I'm the Thai, i will do the indo a favour, let them take over F& N.
Bc there are other good choice take-over company. Need not spend big to acquire .....
See how they plan....
Selling APV is no choice. F& N having problem dealing with them. If didn't rem wrongly, they go to court on some issue b4.
Thus best way is part with them.
And to be frank, when u list a company. U have to be prepare maybe one day someone will take over yr company....
Emm no choice lah.
F& N investor, good luck to all. This unexpected case may bring F& N investor will some small fortune.
(Me not vested in it.)
Actually thing can be simprified if Lippo gp collaborate with the Thai. ha..
INteresting, let see how things goes. Cheer & happy trading to all
phil1314 ( Date: 20-Oct-2012 11:37) Posted:
A new twist with a big battle for takeover as the $$$ war chest in F&N is too big and attractive. The biggest mistake F&N has done is firstly sell APB thus losing a Singapore top brand Tiger Beer to a foreign group plus secondly losing a Singapore historic company to another foreign group and thirdly the F&N board may eventually embarrass themselves by losing their board seats after takeover battle is over.
What happen to Singapore pride and values to own the best and most profitable companies, airports, banks etc. Where is the problem?
(Reuters) - A Singapore hotel and property firm backed by Indonesia's Lippo Group may team up with Japan's Kirin Holdings to thwart a $7.2 billion takeover offer for Fraser and Neave Ltd (FRNM.SI) from companies linked to Thailand's third-richest man, sources said. In an unexpected move, Overseas Union Enterprise Ltd (OUE) (OVES.SI) said on Friday it is seeking partners in a potential takeover bid for F& N, without identifying the parties. Kirin Holdings Co Ltd (2503.T) is one of the companies involved in the preliminary discussions, said the sources, who spoke on condition of anonymity because the talks were private.
shadowmoon ( Date: 30-Sep-2012 08:34) Posted:
Indeed there is a possibility that Kirin will be paid a premium for the share they hold.
Or they may remain just hold on to their share.......& just sit by the side to see their investment yield (with not much interference).
How much more..top up required from the Thai is very subjective also. Rem sometime, company are took over with lower valuation....
WHY company eat other company at current economy situation? BC current situation, things can be purchased at bargain price if correct strategy move is made.
Continue to experience the feeling of being able to be offer at high price..... It must be making u feeling excited .....
Is human nature to ask for more. Let witness how the whole saga closed......Cheerio to all & good luck to all.
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A new twist with a big battle for takeover as the $$$ war chest in F&N is too big and attractive. The biggest mistake F&N has done is firstly sell APB thus losing a Singapore top brand Tiger Beer to a foreign group plus secondly losing a Singapore historic company to another foreign group and thirdly the F&N board may eventually embarrass themselves by losing their board seats after takeover battle is over.
What happen to Singapore pride and values to own the best and most profitable companies, airports, banks etc. Where is the problem?
(Reuters) - A Singapore hotel and property firm backed by Indonesia's Lippo Group may team up with Japan's Kirin Holdings to thwart a $7.2 billion takeover offer for Fraser and Neave Ltd (FRNM.SI) from companies linked to Thailand's third-richest man, sources said. In an unexpected move, Overseas Union Enterprise Ltd (OUE) (OVES.SI) said on Friday it is seeking partners in a potential takeover bid for F& N, without identifying the parties. Kirin Holdings Co Ltd (2503.T) is one of the companies involved in the preliminary discussions, said the sources, who spoke on condition of anonymity because the talks were private.
shadowmoon ( Date: 30-Sep-2012 08:34) Posted:
Indeed there is a possibility that Kirin will be paid a premium for the share they hold.
Or they may remain just hold on to their share.......& just sit by the side to see their investment yield (with not much interference).
How much more..top up required from the Thai is very subjective also. Rem sometime, company are took over with lower valuation....
WHY company eat other company at current economy situation? BC current situation, things can be purchased at bargain price if correct strategy move is made.
Continue to experience the feeling of being able to be offer at high price..... It must be making u feeling excited .....
Is human nature to ask for more. Let witness how the whole saga closed......Cheerio to all & good luck to all.
phil1314 ( Date: 30-Sep-2012 01:50) Posted:
The Thai group has profitted from this saga thus far. They would continue to accumulate to ensure control over F&N as the cash hoard of $5.6 billion from sale of APB should be their primary target and not asset stripping.
F&N is keen for an early dividend payout as it is now prime takeover target with $5.6billion which is a substantial war chest.
A surprise sale deal with Kirin by a rival group cannot be ruled out as control for $5.6 billion is too attractive.
Moreover at current price F&N is undervalued.
Just ask a question : what good is F&N to Kirin if the former is not in the beer business? Exit at a higher price to another rival group bid is logical |
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Interesting...The Thai may have already explored and failed with Kirin to combine their stakes for majority control of F& N.
The 1st mistake Thai made was to block the Cap Reduction resolution that pissed of the directors with shareholdings. OCBC group must have originally thought thr' the strategy on use of sales proceeds from APB and F& N.....
Board members eventually have to leave the board when the company changes hand, the new board members/CEO to take charge.
Now it looks like the Thai has to pay more or take profit ....
SINGAPORE |
Fri Oct 19, 2012 1:51am EDT
(Reuters) - A firm backed by
Indonesia's Lippo Group said it may make a takeover bid for Singapore
group Fraser and Neave Ltd (F& N) (FRNM.SI), already the subject of a $7.2 billion takeover bid by companies linked to Thai billionaire Charoen Sirivadhanabhakdi.
The unexpected move by Overseas Union Enterprise Ltd (OUE) (OVES.SI),
a Singapore hotel and property group, comes after F& N rebuffed a
S$1.4 billion ($1.1 billion) bid for its hospitality and serviced
residences unit this month. Sources said the bid was made by OUE.
" OUE
wishes to state that it is in discussions with certain parties and is
considering all options with respect to F& N, including an offer for
F& N shares," OUE said in a statement.
Shares of both OUE and F& N were suspended on Friday.
F& N declined to comment.
doubt so. Suspect ThaiBev may collaborate with another company to take on F& N.
Why F & N shot up to $8.98 today? Got news that there are other bidders? :P
Wonder if key shareholders are wondering if they have left monies on the table for the Thai.....build up the biz over decades and capital reduction get blocked out...what are the possibility of assest stripping if general offer would to be successful?
Big fight may be brewing?
i dont think they got so much money to bid alr.
No bid, no $$$$
bluechip138 ( Date: 02-Oct-2012 17:29) Posted:
If TB offer is unsuccessful, then F& N shareholders can still wait to collect the dividends from APB sale. Normal dividends only needs at least 50% voting.
Most analysts already stated that F& N is worth more than $8.88. Doubt TB will stop at only 1 bid since they have plans for a long time to takeover F& N according to news. Shall wait and see..........
tonylim ( Date: 02-Oct-2012 16:19) Posted:
| What would happen to F & N share price if the takeover is not successful? How much would it fall |
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