Majority of F&N now owned by TCC

Takeover offer is made unconditional.

According to Nomura, TCC has successfully won majority control of F&N after it crossed the 50% threshold, making its takeover offer unconditional.

As at yesterday, the TCC group announced that it had accumulated 50.92% of F&N’s issued shares. The deadline for acceptance of the offer has also been extended to February 18th.

The board of directors of F&N had earlier recommended to shareholders that TCC’s revised offer of S$9.55 per share was fair and that directors who own shares in F&N will accept TCC’s offer.

The board also indicated that they will look to resign from F&N once the TCC group assumes control of the board.

Here's more from Nomura:

Will F&N remain listed? In its offer document dated 27 Sep 2012, TCC had indicated that it would like to keep F&N listed subject to the minimum public free float requirements of the Singapore Exchange.

If acceptances are high and F&N is unable to maintain a minimum free float of 10% of its issued shares, the company could be delisted.

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