Heineken grants Asia Pacific Breweries offer deadline extension30 July 2012
Asian conglomerate Fraser & Neave has been given an extension to consider a $4.07 billion offer from Heineken to take full contro its Asia Pacific Breweries joint venture with the Dutch brewing giant.
Heineken said that it had accepted a deadline extension request from Fraser & Neave and will give the company until Friday 3 August to decide whether to accept the SGD50 per share offer.
Heineken is at the centre of a battle for Asia Pacific Breweries after ThaiBev agreed to buy a 22% stake in Singapore-based Fraser & Neave. ThaiBev has subsequently agreed to increase its stake in Fraser & Neave to 23.9% through a subsidiary.
Kindest Place Group – a firm with links to ThaiBev – and Japanese brewer Kirin are also believed to be interested in Asia Pacific Breweries.
Heineken said in a statement that it "continues to believe that the offer represents compelling value for F&N shareholders and APB's minority shareholders".
“There is no agreement between the parties on the terms of the Heineken offer and there is therefore no certainty that any transaction or agreement will be entered into," Fraser & Neave told the Singapore Stock Exchange.
Several media reports have claimed there could be alternative offers for Asia Pacific Breweries but Fraser & Neave insisted that the only bid currently on the table is that of Heineken’s.
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