Fraser & Neave Ltd. received an offer for its hospitality and serviced residence business from a property affiliate of Lippo Group, said two people with knowledge of the matter.
F&N today said it received a S$1.4 billion ($1.1 billion) unsolicited offer for the operations, without naming the bidder. Overseas Union Enterprise Ltd. made the offer, the people said, asking not to be identified because the information is private.
T.L. Woo, the head of investor relations at Overseas Union, declined to comment.