In case you've missed it, here's the timeline of the F&N takeover tale

OUE's current offer stands at $9.08.

According to Nomura, the OUE-led consortium has released its formal conditional general offer document and has set a deadline of 3 Jan for shareholders to accept its offer of SGD9.08 to take over F&N.

In the meantime, TCC’s lower offer of SGD8.88 is due to expire on Dec 11. We expect TCC to respond with a higher offer.

IRR analysis suggests that OUE may pay up to SGD9.88 to win control. Based on a scenario of OUE divesting the non-property assets and the consortium keeping a minimum IRR of 25%, we believe that the OUE-led consortium may be prepared to bid up to SGD9.88 per share for F&N.

F&B assets may see competing bids if OUE is successful in takeover. There could be alternative bidders for F&N’s food and beverage businesses should OUE be successful in the takeover of F&N. Kirin will, however, be compensated should there be a successful alternative offer, in our view.