Heineken NV, the world's third-largest brewer today offered to buy Singapore's Fraser & Neave Ltd's entire stake in Tiger beer maker Asia Pacific Breweries (APB) for $4.1 billion (S$5.1 billion), trumping a rival takeover attempt by Thai tycoon Charoen Sirivadhanabhakdi.
Heineken is offering S$50 ($40) a share for entire Fraser & Neave's stake in APB, topping a S$45-a-share offer from Thai Beverage and Kindest Place Group, companies linked to Sirivadhanabhakdi's family, for 8.6 per cent stake owned by Singapore's second-biggest bank, Oversea-Chinese Banking Corp (OCBC) and its insurance unit Great Eastern Holdings.
Heineken's offer is at a 45-per cent premium to the average price of APB shares in the past month.
The Amsterdam-based brewer said on successful closing of the deal, it would spend a further S$2.4 billion to buy out the minority shareholders in APB according to Singapore takeover rules.
Through its 50 per cent holding in Asia Pacific Investment Private Ltd, Singapore-based conglomerate Fraser & Neave holds a 64.8-per cent stake in APB. It also holds a direct 7.3 per cent stake in APB, while Heineken holds a 41.9 per cent stake in APB through a direct 9.5 per cent shareholding and an indirect shareholding of 32.4 per cent through a joint venture with Fraser & Neave.
Japan's Kirin Holdings also owns a 14.7 per cent stake in Fraser & Neave.