Indonesian consortium granted extension in F&N bid

An Indonesian consortium led by property firm Overseas Union Enterprise (OUE) was on Monday given more time to assess its bid for Singapore conglomerate Fraser and Neave (F&N).

OUE's offer deadline, which was due to expire at 0930 GMT Monday, was extended to January 21, the company said in a statement to the Singapore stock exchange.

OUE is controlled by the Lippo Group, the conglomerate founded by Indonesian tycoon Mochtar Riady. His son Stephen is OUE's executive chairman.

The extension comes four days after Thai rival TCC Assets asked to be given more time to decide whether it wanted to improve its own Sg$8.7 billion ($7.12 billion) bid, which is lower than OUE's Sg$13.1 billion offer.

OUE's offer is backed by Japanese brewer Kirin Holdings, which holds about 14.8 percent of F&N and is interested in its food and beverage business, with the property interests of F&N going to OUE if the bid succeeds.

But the F&N board did not seem to be impressed with either of the two's offers.

In a shareholder note issued in December, the F&N board called OUE's bid "not compelling though fair", adding that it fell at the lower end of a valuation of Sg$12.35 billion to Sg$16.65 billion made by F&N's adviser JP Morgan Chase.

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