F&N is up 0.1% at $8.91 after Ascott CEO Chong Kee Hiong told Dow Jones in an interview the world’s largest serviced-apartment operator is studying F&N’s hospitality assets, but has no current plans to bid.
The comments suggest a bidding war could emerge for some of F&N’s assets once TCC Assets’ $8.88/share offer for the conglomerate is resolved. Several analysts have said they believe the Thai group’s offer is too low; F&N’s advisor on the offer said it was “not compelling.”
“It puts pressure on ThaiBev to increase the price, but if there are no competing bids, why should they increase the offer?,” an analyst says. He says he’s been telling investors to buy F&N, believing its worth more. Overseas Union Enterprise made an unsolicited $1.3 billion offer to buy F&N’s hospitality and serviced-residence assets, which F&N said it wouldn’t consider.
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