Friday, January 11, 2013

FNN

FNN: As expected, TCC Assets extends its $8.88/sh offer for FNN to 15 Jan close. OUE's offer remains at $9.08/sh, which lapses on 14 Jan. As at 2 Jan, TCC had a deemed stake of 34.3%, including a 0.7% stake from acceptances. OUE's deemed 14.9$% stake largely comprises a 14.8% stake that Kirin has pledged as part of an agreement which has OUE committing to vote in favour of its $2.7b offer for FNN's beverage assets if OUE's bid succeeds. Under Spore's takeover rules, OUE has until 21 Jan to make any final revisions to its offer. TCC will likely wait for OUE’s move before playing its next step.

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