TCC raises offer for F&N

SINGAPORE: TCC Assets, the company owned by Thai tycoon Charoen Sirivadhanabhakdi, has raised its stake in food and beverage conglomerate Fraser & Neave (F&N). In a statement on Sunday, TCC Assets said it has acquired another 2.2 million shares of F&N at S$9.55 a piece on January 19. This raised the combined shareholdings of TCC Assets and Thai Beverage to 40.09 per cent in F&N. Currently, the latest level of acceptances for the Thai's offer amounts to 0.52 per cent as at January 18.
The latest acquisition came just after the Thai businessman, through his companies TCC Assets and Thai Beverage, raised his takeover bid for F&N to S$9.55 per share. That is 7.5 per cent or 67 cents higher than his previous bid of S$8.88 per share. The move propels TCC assets to front-runner in the drawn-out takeover battle, trumping rival bidder Overseas Union Enterprise which has offered S$9.08 per share.

ChannelNewsAsia.

OUE extends F&N bid to 21st Jan 2013

The showdown date to see if any party puts in a higher bid to secure the shares they need.

Hong Financial Group to take over its subsidiary

KUALA LUMPUR: Hong Leong Financial Group Bhd (HLFG) has launched a conditional voluntary takeover offer to acquire all the shares not already owned by them in Hong Leong Capital Bhd (Hong Leong Cap) at cash offer price RM1.71 per share.

The offer price works out to a 20.4% premium over Hong Leong Cap's last traded price of RM1.42 per share before it was suspended last Friday.

HLFG currently owns 79.1% or 195.3 million shares in Hong Leong Cap.

“HLFG does not intend to maintain the listing status of Hong Leong Cap and does not have intention to undertake any steps to address the shortfall in its public shareholding spread requirement,” said the notice of the takeover.

It is understood that this exercise is part of the group restructuring that should reduce the number of the listed financial entities under the Hong Leong umbrella and also see the investment bank, which is currently parked under Hong Leong Cap into Hong Leong Bank Bhd.

The Star Online

Billabong. Alternative proposal.

Another non-binding proposal at the same price of $1.10

From a private equity and clothing company based in US

Re-iterate getting out of the position.