Fraser & Neave (F & N)

[freedom]

TCC "sold" APB to Heineken on the condition that they will not be a party to a competing bid. Up to you to decipher whether they themselves think their 8.88 bid will not draw competition.

if that's the case, why did TCC never raise its offer price even OUE was offering higher price for how long, 2 months?

If not for SIC to force on TCC's hands, TCC would just continue to bid at 8.88. Eventually both offers would lapse and TCC remains in control of F&N.

TCC already had negative control to prevent a hostile takeover without a blood vomiting price from any other party. It does not care whether OUE is bidding higher or not, as long as its offer continues to open.

TCC would bid at $8.88 as long as the takeover code allows it.

Based on your logic TCC don't even need to revise his bid and "remains in control of F&N" since market price already higher than OUE bid price, and shouldn't have vomitted blood at $9.55 since "it does not care whether OUE is bidding higher or not". Why would SIC twist their arm since they don't care?

Ever wondered how TCC got so much shares at $9.55, or why bother to? PAG is a stockist given plenty of time to accumulate... the 2 months you were saying. TCC say they are not acting in concert

SIC mandates that either TCC raises its offer or gives up. Isn't this twisting TCC's arms or what?