Singapore-listed property company Overseas Union Enterprise, which is run by Indonesian tycoon Stephen Riady, offered a price of S$9.08 ($7.39). However, Sirivadhanabhakdi raised his offer from S$8.88 ($7.2) per share to S$9.55 ($7.77) a share, which values property and drinks conglomerate Fraser and Neave at almost $11.3bn, reported Reuters.
According to Singapore's Securities Industry Council (SIC) rules, a formal auction will take place if neither of the firms announces a final offer.
In an effort to end the takeover battle between both the companies, which was triggered in July after Sirivadhanabhakdi acquired 22% stake in F&N from Singapore's OCBC group, SIC stepped in early this month.
F&N is considered to be a leading soft drinks firm in Malaysia and Singapore, holding over 31% and 21% share in these markets.
