Kirin's bid for Fraser & Neave unit fair but not reasonable: JPMorgan

JPMorgan, the independent financial adviser to F&N's independent directors, issued the verdict Monday, after markets closed, but did not explain why it felt Kirin's offer was “not reasonable”.

The Japanese brewer wants to buy F&N's food and beverage business for SG$2.7 billion (US$2.21 billion) — within the SG$1.88 billion to SG$3.82 billion valuation JPMorgan put on the unit in a letter to F&N's independent directors released in a shareholder circular on Dec 20.

JPMorgan said then that Kirin's offer was “not compelling but fair,” and did not say whether it thought it “reasonable.”

The Kirin offer is part of a SG$13.1 billion bid by a consortium led by Overseas Union Enterprise (OUE) to buy out F&N.

It involves Kirin, in turn, buying the food and beverage unit, a move that will make the F&N purchase more financially viable for the OUE group.

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