Thai billionaire refreshes Fraser & Neave offer deadline

Charoen not giving up.

With this fourth deadline extension to his S8.88 offer for the property and beverages group, Charoen now has until January 2 to top the existing S$9.08 offer from Overseas Union Enterprises and Japanese beer-brewer Kirin, according to a stock exchange disclosure. The F&N board had previously rejected the S$8.88 offer from Charoen calling it "not compelling enough".

IG Markets noted that F&N shares were 0.2% down at $9.43 following the extension.

"Shareholders are beginning to question an improved offer coming from Thai tycoon Charoen as he procrastinates yet again in this torturous game of cat and mouse. With a new deadline of 2 Jan, just 24 hours before OUE’s new deadline, he has set high expectations of an improved offer," IG Markets said.