Heineken: S$5.3b offer for F&N stake more compelling

  • Business
  • Wednesday, 08 Aug 2012

KUALA LUMPUR: Heineken N.V. described its S$5.3bil offer made to Singapore-listed Fraser and Neave, Ltd as more compelling compared with a rival offer made by Thai billionaire Charoen Sirivadhanabhakdi.

Heineken said on Wednesday the rival offer by Kindest Place Groups Limited, which is controlled by Charoen, was not comparable with its offer.

"Heineken continues to believe that the Heineken offer represents compelling value for F&N's and APB's shareholders. Heineken continues its discussions with F&N in relation to the Heineken offer accepted by the board of F&N on Aug 3, 2012," it said.

To recap, last Friday F&N announced it had accepted the S$5.3bil offer for F&N's entire (direct and indirect) 39.7% effective stake in Asia Pacific Breweries Ltd (APB) and F&N's 50% share of the non-APB assets in Asia Pacific Investment Pte Ltd.

Heineken noted on Wednesday that Kindest Place Groups had made an unsolicited and conditional offer for F&N's direct 7.3% stake in APB. "The unsolicited offer is not comparable to the Heineken offer," it said.

Heineken said upon completion of the offer, it would make a mandatory general offer for the remaining shares in APB that it does not own for a total consideration of up to S$2.4bil.

"The aggregate consideration under the Heineken offer and the MGO will be up to S$7.7bil," it said.

It said that in contrast, the total consideration to F&N under Kindest Place Groups' unsolicited offer would be S$1.0bil.

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