FNN

FNN: continues to bob merrily above the $8.88/sh takeover bid from TCC Assets, trading up 0.7% at $9.26, even as the Thai group said it was extending its offer period to Nov 8 from the original Oct 29 deadline. The move might seem incongruous, with the Thai bid already meeting a tepid response, viewed as "not compelling" by F&N's financial advisors, and in the face of a potential competing bid. But the Thai group may want F&N's share price to remain supported if property company OUE , controlled by Indonesia's Riady family, decides it won't start a land war for the Singapore conglomerate. Through ThaiBev and TCC Assets, Thai billionaire Charoen Sirivadhanabhakdi controls 35.68% of F&N, including acceptances, setting a high bar for any competing bid. Volume is strong, with $25.5 m worth of shares changing hands, boosted by a block of 1.0 m shares changing hands pre-open at $9.226. F&N appears unlikely to rise to test its $9.49 all-time high, while this week's low at $9.16 might offer some support.