Fraser & Neave (F & N)

[CityFarmer]

Interesting to make the challenger cough up more than $9.42 (highest today) per share. TCC may be saying: "You want it, pay me at least higher than $9.42 to take it, If not, you gonna loose $50M in fees and I am still the largest shareholder." There is a possibility TCC's kakis is pushing up the price and these shares still belong to the group at a later stage.

According to SGX regulations, TCC cannot buy F&N shares that exceeds its offer price of 8.88. How its kakis push up the price?

For example, TCC cannot buy but I can buy, he just remit the money to my account. I fill up the form and sell to him at 8.88 before the closing date. Above is just an example. Also wondering whether must sell to the higher bidder or not or can choose the lower one. Any comments.

The takeover code will provide all answers

Acting in Concert include the following
"any person who has provided financial assistance (other than a bank in the ordinary course of business) to any of the above for the purchase of voting rights."

I recalled it happened on Serial System takeover saga between 2 major shareholders.