F&N saga deepens as board declares TCC offer "not compelling"

Bidding war far from over with higher offers still looming, says IG Markets.

"As expected the F&N board have released their circular to shareholders and despite deeming the offer by TCC ‘Fair’ they have not recommended it as it is ‘not compelling,'" said In IG Markets's Jason Hughes in an evening update.

"This certainly opens the way for Charoen to consider increasing his offer, or given yesterday’s developments for more hats to be thrown in the ring. The offer deadline is 29 October so we are likely to see a few more twists in this tale before then," he added.

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