A tycoon from Thailand has raised his takeover offer for Singapore's Fraser and Neave Ltd, a beverage conglomerate.
Billionaire Charoen Sirivadhanabhakdi, in a battle with Overseas Union Enterprise Ltd, has increased his offer to S$9.55 a share.
A final offer will be accepted at a formal auction on Monday, at which time Singapore's securities regulator, the Securities Industry Council, will oversee the rules of the auction.
The regulator was asked to step in to end a takeover battle that was when Charoen bought a 22 percent stake in FN from Singapore's OCBC group. Charoen acquired an additional 90.8 million shares, or a 6.3 percent stake in FN, at S$9.55 each on Friday.
The move raised his total stake in FN to 40.45 percent.
At auction, both sides will have to revise their offers in cash and without conditions, until a final winning offer is accepted.
