F&N up 2.2% to $9.33; OUE bid is 'lowballing': Analyst

F&N is up 2.2% at $9.33, bobbing well above the $9.08/share takeover bid from a consortium led by OUE.

“They're just lowballing,” an analyst says, noting Thai group TCC Assets is likely to counter-offer. “People are buying in expectation of a bidding war,” he says.

Volume is strong, with $66.2 million worth of shares changing hands after a series of large trades, including a pre-market trade of 1.644 million shares at $9.26.