FNN

FNN: DMG notes that the min price that Thai Bev and its concert party have to offer would be the highest price it has paid for FNN shares in the last 6 mths, ie. $8.88 per FNN share. The house thinks, making the offer at this stage is likely to be motivated by Thai Bev attempting to block the sale of F&N’s stake in APB to Heineken, although it is also possible that it is simply after the non-brewery assets and property business. On Heineken’s end, board members would probably be hustling in its own boardroom to assess the latest developments at F&N and whether it represents a threat to its goal of consolidating APB into its folds. In an extreme scenario, it could even mount a counter-offer for F&N after Thai Bev makes its initial move. DMG recommends F&N shareholders to hold on to their shares and await further developments.