FNN

FNN: Independent financial adviser JPM calls OUE's $9.08/sh offer "not compelling but fair", the same phrase its used on rival $8.88/sh bid by TCC Assets, as on a sum-of-the- parts basis, FNN is worth $8.58-11.56/sh. Independent directors noted that both offers lay at the low end of JPM's valuations, which were conservative; pointed out that co's majority stake in Myanmar Brewery represented exposure to a "unique asset". TCC Assets' offer lapses at close of 2 Jan '13, while OUE's offer will expire on 3 Jan '12; both have until 21 Jan'13 to put forth their final offer.