Fraser & Neave (F & N)

[freedom]

I have a slightly different view

I would said TCC Asset strategy is superb and successful one.

OUE was a bait from F&N board to raise the offer price. TCC Asset focused on acquiring shares from major groups of shareholder, instead of winning minority shareholders via bidding with OUE. The price paid is what the major shareholder demanded, rather than pushed-up by OUE.

A good leaning experience...

I don't think you got what I mean though we have similar opinion that OUE never seriously tries to get F&N.

What I mean is that if TCC offered higher than OUE earlier, SIC would give more pressure to OUE to force it out rather than now that TCC must offer higher to force OUE out.

To fork out almost 1 billion to mop up F&N stake to force OUE out is expensive in my opinion.