TCC Assets Ltd, a firm controlled by Charoen, offered to pay S$8.88 for the F&N shares that the billionaire did not already own. But industry watchers say the Thais need to pay more if they are serious about gaining full control of F&N.
"The offer is not convincing and runs the risk of being voted down by the F&N board," CIMB Research analyst Donald Chua, who has a target price of S$9.85 for F&N, wrote in a note.
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