FNN

FNN: as expected, OUE extends its offer closing date to 5.30pm on 21 Jan. Recall TCC Assets and OUE have been embroiled in a takeover battle for FNN, and both parties have been delaying finalization of their offer bids. Under Singapore’s takeover code, OUE has until 21 Jan to revise its offer, which may remain open until 4 Feb. It is widely believed that regulators will continue to give TCC Assets approval to revise his offer also until 21 Jan. Separately, reports of a new player in the takeover battle has fed further speculation on FNN. Mergermarket first reported over the wkend that HK-based PAG, had been accumulating a stake in FNN, raising questions about the private equity fund’s intentions. Market watchers have ruled out the possibility of PAG as a third competitor, but opine if PAG was neutral or if it was taking sides. Sources said PAG is not working with OUE but it is not clear whether PAG is aligned with TCC Assets. Recall, market sources previously reported that brokers had tried but failed in Dec to acq a 10% stake for TCC at $9.60/sh.