Japan’s Kirin Holdings Co is considering all possible options for its holdings in Singapore conglomerate Fraser and Neave, President Senji Miyake said at a briefing on Monday.

F& N’s board said last week a $7.2 billion tender offer by companies linked to Thai billionaire Charoen Sirivadhanabhakdi to buy out the drinks and property group was “not compelling but fair”.

However, F& N directors who are shareholders do not intend to accept the offer unless it becomes unconditional by the Thais obtaining acceptances that bring their stake to more than 50%, a circular issued at the time said.

The Charoen-linked companies collectively own 33.5% of F& N.

Kirin, the second-biggest stakeholder in F& N behind the Thai group, with nearly 15%, is considering several options, including selling its stake, sources say.

Shares of Thai Beverage Pcl rose as much as 11.5% on Wednesday after its takeover target Fraser and Neave received a bid for its hospitality and serviced residence business.

Companies linked to Thai billionaire Charoen Sirivadhanabhakdi, including Thai Bev, own 33.5% of F& N and have launched an offer to buy all of the Singapore group.

By 11:29 a.m., Thai Bev was up nearly 9% at $0.425 on volume of 87.3 million shares traded, 2.7 times its average daily volume over the last five sessions.

Overseas Union Enterprise made a $1.4 billion bid for F& N’s hospitality and serviced residence unit that was rebuffed by the Singapore conglomerate, a source with knowledge of the matter said.