Fraser & Neave (F & N)

[KopiKat]

Suddenly halted just before mkt opens, together with APB but not ThaiBev, OCBC & GEH. Takeover fight coming???

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Nope! Lifted, same SGX Annc as ThaiBev, OCBC & GEH.

[shanrui_91]

Suddenly halted just before mkt opens, together with APB but not ThaiBev, OCBC & GEH. Takeover fight coming???

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Nope! Lifted, same SGX Annc as ThaiBev, OCBC & GEH.

I hope APB remains listed, it will be such a pity if it gets privatised

[freedom]

APB is not cheap and very illiquid at S$40.

[shanrui_91]

APB is not cheap and very illiquid at S$40.

opportunity will always come, just like how it used to be less than $10 during the GFC. I like illiquid stock

[KopiKat]

APB is not cheap and very illiquid at S$40.

Very low free float. From AR2011,

1. Asia Pacific Investment Pte Ltd = 64.8%
2. Heineken International B.V. = 9.49%
3. Fraser and Neave, Limited = 7.26%

Plus the stake to be sold by OCBC & GEH to Kindest Place Groups Limited (controlling shareholders of ThaiBev) = 3.4% (OCBC) + 4.6% (GEH) = 8%

I wonder how ThaiBev is going to pay for their 22% stake in F&N. Their Debts a lot more than their Cash. Massive Rights? Borrow from banks and later sell non-synergistic F&N assets like Property & Publishing for cash to buy APB stake from Kindest (or asset swop) and pay out Special Div to reduce debts? Have to get other F&N shareholder clearance tho'... Interesting soap opera..

[freedom]

APB is not cheap and very illiquid at S$40.

opportunity will always come, just like how it used to be less than $10 during the GFC. I like illiquid stock

someone's fortune could be someone else' misfortune.

---

APB is not cheap and very illiquid at S$40.

Very low free float. From AR2011,

1. Asia Pacific Investment Pte Ltd = 64.8%
2. Heineken International B.V. = 9.49%
3. Fraser and Neave, Limited = 7.26%

Plus the stake to be sold by OCBC & GEH to Kindest Place Groups Limited (controlling shareholders of ThaiBev) = 3.4% (OCBC) + 4.6% (GEH) = 8%

I wonder how ThaiBev is going to pay for their 22% stake in F&N. Their Debts a lot more than their Cash. Massive Rights? Borrow from banks and later sell non-synergistic F&N assets like Property & Publishing for cash to buy APB stake from Kindest (or asset swop) and pay out Special Div to reduce debts? Have to get other F&N shareholder clearance tho'... Interesting soap opera..

F&N is not that expensive. less than 2 x BV. APB is much more expensive. ThaiBev is traded above 3X BV. If ThaiBev is to buy APB, it probably will not get approval from its shareholders.

I am not sure that ThaiBev can direct the sale of other business of F&N with its only 22% interest although the biggest shareholder of F&N.

[KopiKat]

Come to think of it, ThaiBev still need to clear this with their shareholders. If I were a ThaiBev shareholder, I'll be wondering whether the hefty premium being paid for F&N is going to be worth it, especially since there'll very likely be a massive Rights / Debts to fund this.

So, let's not get tooo excited... yet!

[freedom]

The deal for ThaiBev shareholders is that it is not buying the more expensive APB, instead, it is buying the cheaper F&N. Cheaper in the sense that ThaiBev is trading higher than F&N in book value. It should be easier to justify to ThaiBev's shareholders to buy F&N than to buy APB.

[KopiKat]

Trading Halt again, with APB. Becoming a daily event...

[greengiraffe]

Trading Halt again, with APB. Becoming a daily event...

http://www.bloomberg.com/news/2012-07-20...ssets.html

S$50/share bid for Tiger before Elephant coming stomping through the door...