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Watchdog sets deadline for F&N brouhaha
Shareholders’ wait ends soon.
IG Markets Singapore noted:
A fall in retails sales of 1.1% didn’t help sentiment across the island although there was one sliver of good news for Fraser & Neave shareholders.
The SIC shares watchdog has ruled that this Sunday will be the deadline for the increasingly dull takeover battle for F&N. It is willing to accept a revised bid on Monday and a counter-bid on Tuesday.
The F&N share price has inched back towards $9.70 a share indicating the optimism shareholders still have that an improved bid can be tabled. But the big question if this unlikely scenario does happen is why did it take a rival bidder so long?
All traders have seen are two rival foreign companies use F&N as a play thing to raise their own profile without any serious conviction to acquire the property and drinks conglomerate. The low-ball offers come across as disingenuous and many are surprised a third party hasn’t sneaked in and stole their thunder.
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