Analyst calls F&N bidding war 'phony'

No improved offer, only extended deadlines.

IG Markets Singapore noted:

It remains to be seen whether the other big corporate story of 2012, the battle for Fraser & Neave, will lead to a positive outcome for shareholders. The tussle currently centres on who can extend their deadline by the longest, which is of little benefit to shareholders.

After the Thais gave themselves another week, rival bidder OUE has now extended its deadline to 14 January. With no improved offer on the table F&N shares eased off a little but still trade well above OUE’s $9.08 offer, sitting at $9.66.

OUE could be the ones genuinely needing more time as its strategic partnership with Kirin looks to be the weakest link in its takeover plans. If they were to table an improved offer OUE would need Kirin to play ball and improve the offer for the food and beverage businesses.

At this point it is still unclear if anyone involved in this phony bidding war is prepared to dig deeper in to their pockets.

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