Thursday, September 20, 2012

F&N: A compromise has been reached between Thai beverage and Heineken (Limtan)

F & N
S$8.97-FRNM.SI
 A compromise has been reached between Thai beverage and Heineken:
a. Thai Bev will vote in favor of the disposal by F&N of its 39.66% of Asia Pacific Breweries at the Sept 28 EGM;

b. Heineken has undertaken not to launch a general offer for F&N.

 However, note there is no word by Thai Bev on its stance on Resolution 2, which is the capital reduction of $8.50 a share for a third of F&N shareholders’ holdings (and which is really of no interest to Heineken).

 Given our previous expectation of a possible counter offer by Heineken for F&N, there should be some weakness in F&N shares today.

 Kirin Holdings, which owns 14.9% of F&N has yet to say anything, although there has also been talk of a counter-bid by them for F&N.

 This could in turn hold up F&N’s share price: >$8.88 = possible counter-bid by Kirin.

 As far as minority shareholders, including institutional shareholders like Prudential, are concerned, there is no reason to vote against Resolution 1, and depending on what Thai Bev will be disclosing in its takeover circular (expected in late September / early October), will decide on whether to accept $8.50 for 330 out of 1000 F&N shares, or simply take Thai Bev’s $8.88 offer.

 Note the following transactions in F&N by Eastspring and Jackson National (subsidiaries of Pru) for accounts managed on a discretionary basis: former sold 2.65 mnl shares on Sept 13 / 14 at $8.72 average; and latter bought 5000 shares on Sept 13 at $8.92 a share.


Source/Extract/Excerpts/来源/转贴/摘录: Limtan-Research,
Publish date: 19/09/12

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