FNN / OUE / Thai Bev

FNN / OUE / Thai Bev: Recall, the OUE-led consortium has released its formal conditional general offer document and has set a deadline of 3 Jan for shareholders to accept its offer of $9.08 to take over F&N. Meanwhile, TCC’s lower offer of $8.88 is due to expire on Dec 11 (ie. tomorrow). Nomura expects TCC to respond with a higher offer. Says, based on a scenario of OUE divesting the non-property assets and the consortium keeping a minimum IRR of 25%, the house estimates the OUE-led consortium may be prepared to bid up to $9.88/ sh for F&N. The house keeps its Buy rating with TP $10.48, and expects bids by TCC and the OUE-led consortium to move the share price higher.