FRASER and Neave (FN) could be on its way out of the stock exchange after a general offer for its shares closes today, but the ripples from the region’s largest-ever takeover will be felt for much longer, observers said.
Future merger and acquisition (MA) deals will have to account for precedents set by FN in terms of the target company’s ability to seek a better offer, the responsibilities and actions of independent financial advisers, and an auction process to break stalemates, said analysts and industry practitioners.
At a more philosophical level, Singapore will have to contemplate the sale of its historical brands.
“The FN deal was a lot of firsts in Singapore,” said Kevin Scully, chairman of NetResearch Asia.
F&N saga opens can of firsts for Singapore M&A
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