F&N

F&N: The takeover bid for F&N has a 50:50 chance of succeeding, says Phillip Securities, after ThaiBev and TCC Assets$8.88/share offer. Add that we can't conclusively state that ThaiBev is going to get F&N for sure now and depends on the funding that ThaiBev can get, as they are probably already at their limit of their funding. Also waiting to see if Heineken responds, noting that Heineken has said very clearly it wants APB. Note that the S$8.88/share offer price is fair--while the premium may not look like much from F&N's last traded price of $8.51. House not really sure what ThaiBev's intention for control is. Do they want to break up the company?