Singapore-based drinks and property group Fraser & Neave (F&N) has announced that all of its board members, including chairman Lee Hsien Yang, will resign next week, which will allow its largest shareholder Charoen Sirivadhanabhakdi to restructure the board.

F&N's nine board members accepted the revised offer of $11.2bn or S$9.55 ($7.74) per share from Thai tycoon Sirivadhanabhakdi, who holds approximately 45% stake, for the remaining shares.

Recently, Sirivadhanabhakdi, who owns Thailand-based TCC Group, increased the offer price in order to outbid rival Overseas Union Enterprise's takeover offer.

Singapore-listed property company Overseas Union Enterprise, which is run by Indonesian tycoon Stephen Riady, offered a price of S$9.08 ($7.39).

However, Sirivadhanabhakdi raised his offer from S$8.88 ($7.2) per share to S$9.55 ($7.77) a share.

The battle to purchase the assets of F&N started in July 2011, when Sirivadhanabhakdi started acquiring shares in the Singapore group. This made Dutch brewer Heineken NV to buy out its joint venture with F&N for $4.6bn.

In September 2011, Charoen, through TCC Assets, made his first bid to purchase a stake in F&N for $7.2bn or S$8.88 ($7.18) per share, which was not accepted by F&N.

The latest offer from Sirivadhanabhakdi is scheduled to close on 4 February 2013. Meanwhile, Kirin Holdings, which is F&N's second largest stakeholder with a 14.8% equity, expects to take a decision whether to sell the stake to TCC Assets, by 3 February.