ThaiBev's cash offer for F&N gets to an end

It now owns 1.3b F&N shares.

According to a release, Thai Beverage announced that the mandatory cash offer for Fraser & Neave Limited has closed as of 5.30pm (Singapore time) on 18 February 2013. Accordingly the F&N Offer is no longer open for acceptance and any acceptance received thereafter will be rejected.

As at 5.30 p.m. (Singapore time) on the Closing Date, the total number of (i) F&N Shares owned, controlled or agreed to be acquired by TCC Assets and parties acting in concert with it, and (ii) valid acceptances to the F&N Offer, amount to an aggregate of 1,301,980,326 F&N Shares, representing approximately 90.32% of the issued share capital of F&N.

As at 5.30pm on the Closing Date, ThaiBev holds, through its wholly-owned subsidiary, Interbev Investment Limited, 412,423,822 F&N Shares, representing approximately 28.61% of the issued share capital of F&N.

Mr. Thapana Sirivadhanabhakdi, President and Chief Executive Officer of ThaiBev said, “ThaiBev is very pleased with the outcome of the offer and the high level of acceptances gained from shareholders. We look forward to working with TCC Assets in developing a constructive long-term relationship with F&N management and employees and will explore all options in an effort to enhance value.”