The long-running battle for Fraser Neave seems to be over. Yesterday, Thai tycoon Charoen Sirivadhanabhakdi increased his stake in the Singapore property and food and beverage conglomerate to 44.05% after rival bidder Overseas Union Enterprises OUE declined to increase its offer after the weekend deadline set by the country’s Securities Industry Council.
Charoen’s unlisted vehicle TCC Assets had raised its offer to S$9.55 $7.88 a share late on January 18 to meet the auction closing date for the mandatory general offer required by the regulator. On Monday, a consortium led by OUE, failed to revise its S$9.08 conditional cash offer made on November 15. OUE is run by...
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