Will Fraser & Neave bite at OUE's offer?

OUE's $9.08 apiece offer represents a premium of SGD 20 cents.

"We agree that the property assets of F&N are of good quality and could complement OUE’s existing portfolio and expansion plan, nevertheless the eventual successful bidder in such bidding war is at risk of over paying the target in our view. With the current F&N price is trading over the OUE’s offer price of $9.08, we believe F&N existing shareholders are not convinced to accept the offer just yet," said Bryan Go, analyst at Philllip Capital.

A consortium led by OUE Ltd announced that it has made a voluntary conditional cash offer for F&N at a price of $9.08 per share, for a total consideration of $13.1bn. The offer is conditional upon the consortium having received at least 50% acceptances during the offer.

Kirin Holdings Company, which holds ~14.8% shareholding of F&N, has irrevocably undertaken to accept the offer subject to certain conditions. Kirin has also agreed to make an offer to F&N to acquire the F&B business of the F&N group for a cash consideration of $2.7bn after the successful completion of the offer.

Hete's more from Phillip Capital:

What does the offer price of $9.08 means?
The offer price of $9.08 represent a premium of S 20cents or 2.25% over the ThaiBev’s offer price of $8.88. It is also 9.4% higher than the lower bound of valuation estimate provided by F&N’s independent financial advisor, which opined that F&N is worth $8.30 to $11.22 per share. At OUE offer price of $13.07bn, the implied value for F&N property business, F&B business and printing and publishing (PP) business is $4.85bn, $8.11bn and $0.11bn respectively. If we strip out the breweries business which F&N had sold off for $5.6bn, and the remaining F&B business which Kirin will take over for $2.7bn, the remaining property business and printing and publishing segment will cost OUE $4.77bn.

The OUE led consortium
The holding company of the SPV, Arbon Holdings Ltd, is 50% owned by OUE and the remaining is owned by Orange Circle Investments Ltd, which is a vehicle owned by the Farallon and Noonday Funds. Farallon is a registered investment adviser with the US Securities and Exchange Commission, and Noonday and its affiliates serve as exclusive sub-advisors to Farrallon.

You're the reader we write for. You're also the person our partners want to reach.

If that sentence describes you — a founder, a C-suite, someone whose attention companies pay good money for — then you already understand why SBR works. We've spent twenty years earning the trust of readers exactly like you. Which is exactly what makes this an interesting place for your company to show up, too.

The ways it can show up are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The right fit depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If your company has something this audience should know about, we'd like to hear what you're working on.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia

Top News

30 One-Sentence Stories From People Who Have Built Better Habits

None of these stories are mine. They were sent to me by readers of Atomic Habits. My hope is that these examples will illustrate how real people are putting the book into practice. They will show you what people are actually doing to build good habits and break bad ones. And hopefully, they will spark some ideas for how you can do the same.

news conversion

SBR 5 Lorem Ipsum News 2 [8 May]

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

SBR 4 Lorem Ipsum [8 May Top Stories]