SINGAPORE--Thailand's Charoen Sirivadhanabhakdi has further increased his stake in Fraser & Neave Ltd. (F99.SG) and is inching closer to taking majority control after a rival bidder dropped out.
The billionaire now controls 44.05% of the Singapore conglomerate as of Tuesday, compared with 42.5% of the Singaporean conglomerate Monday, according to a Wednesday regulatory filing by his unlisted vehicle TCC Assets.
On Tuesday TCC bought about 22.52 million Fraser & Neave shares, or 1.56% of the company, at 9.55 Singapore dollars ($7.78) each--the latest final offer price tabled by Mr. Charoen.
TCC has been buying shares from the market after a consortium led by Overseas Union Enterprise Ltd. (LJ3.SG) Monday declined to raise its takeover offer of S$9.08 a share and allowed its bid to lapse. This left Mr. Charoen as the sole bidder for Fraser & Neave, a 130-year-old company that has interests in property, publishing and food and beverages.
Fraser & Neave shares were trading at the offer price on the Singapore Stock Exchange Wednesday.
Mr. Charoen's offer values Fraser & Neave at US$11.2 billion and is conditional upon acquiring more than 50% of the company by Feb. 4. He made his S$9.55-a-share offer Friday, raising an earlier bid of S$8.88 a share.