Singapore's F&N Ignores $1.1B Offer For Hospitality Unit

Law360, New York (October 10, 2012, 6:23 PM EDT) -- Singaporean conglomerate Fraser & Neave Ltd. will take no action on an unsolicited SG$1.4 billion (US$1.1 billion) cash offer that an unidentified bidder recently made for its international hospitality arm, the company announced Wednesday.

The decision is largely motivated by Singapore mergers law, which prohibits companies targeted for takeover from selling off any material assets while the buyout deal is still on the table, according to a disclosure F&N made to Singapore’s stock exchange. Thai billionaire Charoen Sirivadhanabhakdi, whose companies already control 30 percent of F&N,...
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