Dutch brewer Heineken NV says it will keep fighting to buy the shares it doesn't already own of Asia Pacific Breweries Ltd of Singapore, the owner of Tiger beer, despite efforts to upset the deal by a Thai tycoon.
Last week Heineken's longtime co-investor in APB, Fraser and Neave Ltd., agreed to sell its 39.7 per cent stake in APB to Heineken at 50 Singapore dollars per share, plus some other operations, for a total sum of $US4.23 billion ($A4.02 billion).
Heineken's bid represented a 45 per cent premium to APB's share price before the offer and the sale would have given Heineken 82 per cent of APB's shares.
But on August 7, a company controlled by the family of Thai billionaire Charoen Sirivadhanabhakdi offered Fraser & Neave 55 Singapore dollars per share for a 7.3 per cent stake in APB.
Though that offer is 10 per cent higher than Heineken's offer on a per-share basis, the Dutch brewer insisted on Wednesday that its offer is better because it covers F&N's whole stake.
If F&N accepts Sirivadhanabhakdi's bid, it would still have a significant holding of over 30 per cent in APB, and leave Heineken without a controlling stake.
To complicate the situation, one of Sirivadhanabhakdi's companies has built up an 8 per cent stake in APB and another has taken control of 24 per cent of F&N, giving him some influence over the company's board.APB also owns the Anchor and Bintang brands, while Tiger has a dominant position in many Asian markets, notably Vietnam, Malaysia, New Zealand and Singapore.