Mainboard-listed Overseas Union Enterprise Ltd (OUE) is set to clarify whether or not it will make an offer for Fraser and Neave Ltd (F&N) no later than about the middle of this month.
“Following discussions with the Securities Industry Council (SIC), OUE will clarify its intentions no later than November 15, 2012 by either announcing a firm intention to make an offer for F&N or declaring its intention not to make an offer for F&N,” the company said.
According to Reuters, OUE will make an offer one day before the bid from Thai billionaire Charoen Sirivadhanabhakdi is to lapse. This may cause him to sweeten his S$12.8 billion (S$10.4 billion) offer for the Singapore conglomerate.
The billionaire had earlier extended an original October 29 deadline.
Meanwhile, OUE has appointed Merrill Lynch and Credit Suisse as financial advisers and is awaiting their recommendations.
At the same time, the company posted a 20 percent rise in net profit for Q3 2012 at S$23.8 million. Net assets as at end-September stood at S$3.1 billion, with cash and cash equivalents of S$460.7 million.
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