Kirin confirms tender of F&N stake to OUE offer

Kirin Holdings has confirmed it'll sell its entire 15 percent stake in Fraser & Neave to a consortium led by Overseas Union Enterprise, or OUE. 

The Japanese brewer has decided to tender its stake for nearly $2 billion.

In turn, Kirin plans to buy back F&N's food and beverage operations for about $2.7 billion.

It remains to be seen if the plan will be successful, given a pending offer by a Thai billionaire. 

Yesterday, OUE said it plans to buy shares in F&N for $9.08 a-piece. 

This, trumping a 8-88 a share offer by a group linked to Thai Beverage.