FNN

FNN: FNN’s directors say TCC Assets’ $9.55/sh offer is “fair”, and they intend to accept the revised offer in respect of their own direct shareholdings. This includes chairman Lee Hsien Yang's shares and those held by the estate of Kwa Siew Tee, in which Mr Lee is one of the three trustees. The three other directors who intend to accept the offer are Timothy Chia Chee Ming, Tang Chong Meng and Nicky Tan Ng Kuang. The Board noted that TCC Assets offer is within the range of the estimated sum-of-the-parts (SOTP) valuation by JPM, which came in at between $8.58 and $11.68. However, they pointed out that there is also no visibility on TCC's intentions with regard to the $5.591b proceeds F&N received from the APB sale. While TCC has indicated that it intends to undertake a review of F&N's business and operations, there has been no indication of any firm intentions on the future directions of the company. Shareholders who wish to accept the revised offer must do so by Feb 4. If any dividends have been paid by FNN, the revised offer price payable will be reduced by the amount equal to the dividends paid by FNN to the shareholder.