SINGAPORE (Reuters) - Fraser and Neave Ltd's
Directors who hold F&N shares, including chairman Lee Hsien Yang, intend to accept Charoen's revised offer, the company said in a statement.
Charoen is now set to take over F&N in Southeast Asia's biggest-ever acquisition. He had declared his S$9.55-per-share offer, which values the Singapore company at around S$13.75 billion ($11.2 billion), as final.
Thailand's third-richest man raised his offer for F&N last week to S$9.55 a share, 7.5 percent higher than his previous offer of S$8.88, to fend off a rival bid by a group led by Singapore-listed property firm Overseas Union Enterprise Ltd
The Overseas Union group decided not to raise its S$9.08-per-share offer, saying such a move was no longer attractive after recent measures taken by the Singapore government to cool the city-state's property market.
F&N shares have been trading at Charoen's offer price of S$9.55 since the Overseas Union group bowed out of the two-month battle with the Thai tycoon, indicating that the market does not expect a new bidder to emerge.
Charoen currently has a 45.32 percent stake in F&N, held through Thai Beverage PCL
Analysts say Charoen is likely to tap F&N's network in Singapore and Malaysia to distribute Chang Beer, brewed by Thai Beverage, as well as spirits, energy drinks and instant coffee. In Thailand, where he already has an edge, Charoen may in turn market F&N's brands.
(Reporting by Eveline Danubrata; Editing by Paul Tait)