A firm backed by Indonesia’s Lippo Group said it may make a takeover bid for Singapore group Fraser and Neave, already the subject of a US$7.2 billion ($8.8 billion)takeover bid by companies linked to Thai billionaire Charoen Sirivadhanabhakdi.
The unexpected move by Overseas Union Enterprise, a Singapore hotel and property group, comes after F&N rebuffed a $1.4 billion bid for its hospitality and serviced residences unit this month. Sources said the bid was made by OUE.
“OUE wishes to state that it is in discussions with certain parties and is considering all options with respect to F&N, including an offer for F&N shares,” OUE said in a statement.
Shares of both OUE and F&N were suspended on Friday.
F&N declined to comment.
Companies linked to Charoen have offered US$7.2 billion to take over all of F&N after it agreed last month to sell its nearly 40% stake in Tiger beer maker Asia Pacific Breweries to Heineken NV F&N said the Thai offer of $8.88 per share was at the low end of an estimated sum-of-the-parts valuation of between $8.30 and $11.22.
The Charoen-linked companies are collectively F&N’s largest shareholder with a 33.5% stake, while Japan’s Kirin Holdings Co is the second-biggest with nearly 15%.
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