SINGAPORE - It will take more than an additional 20 cents per share to nudge Fraser and Neave's (F&N) independent financial advisers into calling a general offer anything more than "not compelling but fair".
JPMorgan issued that opinion in its assessment of a $9.08 per share on wednesday.
That was the same phrase JPMorgan used in an October report on a rival $8.88 per share bid by companies controlled by Thai tycoon Charoen Sirivadhanabhakdi.
But JPMorgan also raised its valuation for F&N in the two months that has passed between the reports.
On a sum-of-the parts basis, F&N is worth $8.58 to $11.56 per share, JPMorgan said in the latest document.
In October, F&N's break-up value was estimated at between $8.30 and $11.22 per share.
F&N's independent directors accepted JPMorgan's advice.
As was the case with the Thai offer, the independent directors stopped short of an outright recommendation for or against the offer.
But in both cases, the independent directors highlighted that the respective offers lay at the low end of JPMorgan's valuations.
The directors also felt that JPMorgan's valuations were conservative and pointed out that the company's majority stake in Myanmar Brewery represented exposure to a "unique asset".