Singapore-based conglomerate Fraser & Neave has reportedly received a US$1.1 billion unsolicited offer for its hospitality and serviced residence business, Frasers Hospitality. Bloomberg has reported that the bidder is Overseas Union Enterprise, a property affiliate of Indonesia-based Lippo Group, which owns Meritus Hotels & Resorts.
F&N, which recently agreed to sell its brewing assets to Heineken NV, said it won’t respond to the offer, citing takeover rules and because the company was constrained from selling material assets while it remains the subject of a US$7.2 billion takeover bid by Thai billionaire Charoen Sirivadhanabhakdi.
Frasers Hospitality’s portfolio consists of 43 serviced residences across Europe, Asia, Australia and the Middle East under its Fraser Suites, Fraser Place and Fraser Residence brands. It also has Modena boutique hotels in Shanghai, Tianjin and Suzhou, China.