FNN

FNN: TCC Assets has raised its initial $8.88/sh offer to $9.55/sh, just minutes before midnight on Friday. TCC also bought 90.8m shares (6.3%) on 18 Jan and a further 2.2m shares on 19 Jan at $9.55 apiece, to raise its deemed stake to 40.6%, including the 0.5% from acceptances. This compares with FNN’s independent adviser JPM valuation of the break up value of the co at $8.58 – 11.56/sh. A competitive situation however still remains with rival bidder OUE at the door, with its latest bid at $9.08/sh. The Securities Industry Council (SIC) has directed that an auction begin today. OUE has until 6pm today to respond with a higher offer. On subsequent days, each of the bidders may put in a higher, revised bid provided the other party posted a revised tender the day before. The auction ends when there are no more revised bids, or when SIC calls for an early end to the auction.