FNN / Thai Bev

FNN / Thai Bev: TCC Assets said its stake in F&N stands at 50.92% after further purchases in the stock market and more shareholders accepting its $9.55/sh offer. With majority control now in the hands of the Thai parties, the F&N offer has become “unconditional”. The deadline for the rest of the shareholders to accept the offer has been extended from 4 Feb to 18 Feb. Analysts believe more shareholders are likely to accept the offer as it is the only bid on the table. The market however is closely watching whether Japanese brewer Kirin, which holds a 14.8% stake in F&N, will sell its interests or remain a minority shareholder. Kirin commented that it will make a decision on F&N by 4 Feb, and "will utilize the option that maximizes value for Kirin shareholders". That the Board of F&N has referred to TCC's revised offer of $9.55/sh as "fair", and the directors intend to accept the offer with respect to their own direct shareholdings, may offer a hint as to Kirin’s final actions. Thai Bev shares extended its price run yday, on expectations that the takeover of FNN appears all but assured. This may be a likely signal that investor interest has now shifted to the acquirer, and on anticipation that an effective an integration between TCC, Thai Bev and FNN could translate to synergies for the group.