F&N, Thai Bev

F&N, Thai Bev: Thai Bev has been reported to have sought financing for a potential general offer for F&N. Thai Bev has alr a 29% stake in F&N as on 28th Aug, just 1% short of the 30% to trigger a mandatory conditional offer. At current takeover rules, Thai Bev would have to at least offer $8.88 per share, the same price it bought its F&N stake from OCBC. This would value F&N at over $12.6b, with Thai Bev needing an additional $2.7b. Currently, Thai Bev’s mkt cap is $8.8b with approx $2.7b in equity. Thai Bev will have less than 3 wks to block the sale of APB as an EGM is set on 28 Sept to vote on the deal.