Wednesday August 8, 2012
Heineken bid for Tiger Beer faces Thai challenge
SINGAPORE: Heineken's US$6bil bid to take full control of Tiger Beer maker Asia Pacific Breweries (APB) faces a challenge from a group led by Thai billionaire Charoen Sirivadhanabhakdi, which has put in a higher bid to increase its stake in APB.
Kindest Place Groups, a vehicle owned by Charoen's son-in-law, yesterday made an unsolicited offer of S$55 a share to buy Singapore conglomerate Fraser and Neave's (F&N) direct 7.3% stake in APB, F&N said in a corporate filing.
The move comes after F&N agreed to sell its direct and indirect stake in APB to Heineken for S$5.1bil, which worked out to S$50 a share.
F&N controls about 40% of APB, most of it via a joint venture with Heineken.
The Dutch brewer said yesterday it had no comment on the offer by the Thai group.
Should Kindest Place succeed with its offer, it will control more than 15% of APB, having already agreed to buy 7.9% of the beer maker from Oversea-Chinese Banking Corp and its insurance unit Great Eastern Holdings. - Reuters