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Fraser and Neave Timeline - Date and Event

Written By Stock Fanatic on Monday, November 19, 2012 | 19.11.12

Here is a summary time-line of the FNN/ThaiBev/OUE saga for your easy reference.
Date
Event
 18 July 2012
1) ThaiBev entered into three sale and purchase agreements (SPA) with OCBC Bank, Great Eastern Holdings, and Lee Rubber Company for their entire shareholdings of 313, 036, 775 shares in FNN (22% stake)

2) Price at S$8.88/share

3) Due to the financial size of the deal, ThaiBev will purchase the FNN shares of the three parties, and acquire the relevant ownership of Asia Pacific Breweries (APB) via an independent company, Kindest Place Group Limited, which is owned by Mr. Charoen’s son-in-law (Allow less strain on ThaiBev’s financial resources.)

4) Sale of 8.6% share of APB was also negotiated at S$45/share
 20 July 2012
1) Heineken announced a S$5.1b bid for APB (S$50/share to counter S$45/share price from ThaiBev)

2) APB share structure before announcement: Heineken and FNN – through their 50/50 JV (Asia Pacific Investment Holdings) – owned 64.8% of APB. Combined with their additional share holdings of 9.49%, Heineken owns 41.9% while FNN owns 39.7%. The remainder is held by OCBC and other asset managers.
 24 July 2012
1) Thai Beverage increases its stake in FNN by 1.9% (via married trade) to bring total FNN interest to 23.9%
 27 July 2012
Heineken offer extended by one week to 3 August 2012
 30 July 2012
Thai Beverage increases its stake in FNN by 0.2% (via married trade) to bring total FNN interest to 24.1%
 31 July 2012
SGX grants Thai Beverage a waiver from having to seek shareholder approval for the deal. The move allows ThaiBev to speed up its acquisition process and vote on any deal involving the sale of SNN’s APB stake to Heineken.
 3 Aug 2012
FNN Board accepts Heineken offer for APB
 7 Aug 2012
Kindest Place Group (linked to ThaiBev) makes unsolicited offer for FNN’s direct interest in APB at S$55/share
 8 Aug 2012
Heineken notes unsolicited offer and continues discussions with FNN
 13 Aug 2012
Thai Beverage increases its stake in FNN by 2.1% (via married trade) to bring total FNN interest to 26.2%
 14 Aug 2012
1) Original OCBC/GE/Lee Rubber share sale to ThaiBev is completed
2) Kindest Place Group extends unsolicited offer made on 7 Aug to 24 Aug 2012 (5pm)
3) Thai Beverage increases its stake in FNN by 0.2% (via married trade) to bring total FNN interest to 26.4%
 17 Aug 2012
Heineken agrees final offer of S$53/share for APB for FNN’s entire 39.7% effective stake at a total consideration of S$5.4b (+S$163 for non-APB assets held by JV)
 24 Aug 2012
FNN Board proposes 1-for-3 capital reduction exercise to distribute ~S$4b from cash proceeds of APB sale to shareholders at S$8.50/share
 28 Aug 2012
Thai Beverage increases its stake in FNN by 2.6% (via married trade) to bring total FNN interest to 29.0%
 6 Sep 2012
EGM is scheduled for 28 Sep 2012 to vote on APB sale to Heineken and on Capital Reduction exercise
 13 Sep 2012
1) Thai Beverage increases its stake in FNN by 0.3% (via married trade) to bring total FNN interest to 30.7%
2) ThaiBev via parent company TCC Assets makes mandatory cash offer for FNN at S$8.88/share
3) Offer document will be circulated to shareholders earliest by 14 days from offer announcement
4) Offer expires on 29 Oct 2012 (530pm)
 19 Sep 2012
Heineken and ThaiBev come to agreement; ThaiBev will support Heineken offer in exchange for Heineken to refrain from making offer for FNN
 26 Sep 2012
ThaiBev and TCC to vote against Capital Reduction exercise for FNN
 28 Sep 2012
FNN EGM held; Sale of APB to Heineken approved but Capital Reduction voted down
 2 Oct 2012
Thai Beverage increases its stake in FNN by 0.65% to bring total FNN interest to 31.22%
3 Oct 2012
Thai Beverage increases its stake in FNN by 0.66% to bring total FNN interest to 31.88%
 4 Oct 2012
Thai Beverage increases its stake in FNN by 0.58% to bring total FNN interest to 32.44%
 8 Oct 2012
Thai Beverage increases its stake in FNN by 1.04% to bring total FNN interest to 33.49%
 10 Oct 2012
1) FNN receives unsolicited offer for Hospitality and Serviced Residence business from OUE; Estimated consideration of S$1.4b
2) FNN Board rejects offer due to restrictions from Singapore Takeover Code
3) Thai Beverage increases its stake in FNN by 0.05% to bring total FNN interest to 33.50%
 11 Oct 2012
FNN Board rejects ThaiBev offer; States offer is fair but not compelling
 17 Oct 2012
Thai Beverage increases its stake in FNN by 0.42% to bring total FNN interest to 33.79%
 19 Oct 2012
1) OUE confirms its identity as party that made unsolicited offer for FNN’s Hospitality and Serviced Residence business
2) Market rumours place Kirin as possible partners with OUE
3) States it is in talks with parties and considering all options with regards to FNN
 28 Oct 2012
ThaiBev extends offer for FNN to 8 Nov
 8 Nov 2012
ThaiBev extends offer for FNN to 22 Nov
 16 Nov 2012
1) OUE-led consortium makes S$13.1b bid for FNN
2) Kirin participates; wants F&B business for S$2.7b
3) FNN board agrees to S$50m break fee
 16 Nov 2012
1) FNN releases FY12 results
2) Declares 12 S cents final dividend; subject to approval at AGM on 29 Jan 2013
FNN Share Price
ThaiBev Share Price
OUE Share Price
APB Share Price


Posted on Monday, November 19, 2012 | 19.11.12


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