Heineken in Talks to Revise Offer for Asia Pacific Breweries With Fraser and Neave -Source

17 Aug 2012
Heineken Seeking Fraser & Neave's Support for Raised Offer for Asia Pacific Breweries -Sources
By P.R. Venkat SINGAPORE--Dutch brewer Heineken NV (HINKY) is in talks with Singapore conglomerate Fraser & Neave Ltd. (F99.SG) about an increased offer for Asia Pacific Breweries Ltd. (A46.SG), two people familiar with the situation said Friday. Fraser & Neave and Heineken share a 50-50 joint venture that owns 64.8% of APB. Fraser & Neave has a 7.3% direct stake in APB and Heineken 9.5%. Heineken last month made a US$6 billion offer for the whole of APB at 50 Singapore dollars a share. But last week, Kindest Place Group--owned by the son-in-law of Thailand billionaire Charoen Sirivadhanabhakdi--came in with a S$55 a share offer for Fraser & Neave's 7.3% direct stake. Kindest Place already owns 8.6% of APB. The latest move by Heineken is aimed at securing Fraser & Neave's support against rival offers for APB, the maker of Tiger beer. Earlier this month, the board of Fraser & Neave recommended its shareholders accept Heineken's offer for the whole of APB. But the higher offer from Kindest Place complicates the deal. Fraser & Neave and APB were suspended from trade on the Singapore Exchange Friday.