F&N

F&N: Bid to privatize its HK listed subsidiary Frasers Property (China) failed yesterday after independent shareholders rejected the deal at a court meeting in HK. The plan was for the co to be taken private by FCL (China), an indirect wholly-owned subsidiary of F&N, and Riverbook Group, wholly owned by Ascendas Land International. The proposal document noted that the HK$0.28 offer price was 47.4% above the coy's last closing price of HK$0.19/share before the deal was announced. It was also 68.7% over the average closing price for the last 180 days. The joint offer document also said the company's ability to raise funds from equity markets had been limited and the costs associated with its listing may no longer be warranted.