Mystery buyer of F&N's hospitality business revealed

The anonymous party admitted it has made an offer of  S$1.4b.

In a release, OUE confirms that it has made an offer the Hospitality Business for an aggregate consideration of approximately S$1.4billion. OUE has carefully evaluated and prepared its offer and believes that it provides an attractive combination of value and certainty for all F&N shareholders.

OUE notes the announcement on 10 October 2012 by Fraser & Neave that it has received an unsolicited offer from an unnamed party to acquire the hospitality and serviced residence business of F& N (Hospitality Business) for an aggregate consideration of S$1.4 billion.

The offer is in line with OUE's long-term, strategic goal of growing and developing its business. Hospitality is one of OUE's businesses. The Hospitality Business is a global business and is one of the leading Asian brands in the sector.