TCC Assets -- the investment holding company of Thai billionaire Charoen Sirivadhanabhakdi -- has been given another three weeks to propose an improved bid for Fraser and Neave (F&N) after an Indonesian rival offered US$10.7 billion for the Singapore conglomerate.
In a media statement, TCC said the closing date for the F&N offer had been extended to Jan 2 from Dec 11.
This is the second time TCC has been granted an extension after its plans to acquire F&N through a $8.7 billion bid for the shares it does not yet own were stymied by Overseas Union Enterprise (OUE).
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