Dutch brewer Heineken NV (HINKY.PK) has moved closer to buying Tiger beer maker Asia Pacific Breweries Limited, or APB, after shareholders of Fraser and Neave, Limited voted in favor of the deal, reports said Friday.
Fraser and Neave had scheduled its Extraordinary General Meeting of shareholders on September 28 to vote on the proposed disposal of its interests in APB, and Asia Pacific Investment Pte Ltd, or APIPL, to Heineken.
Heineken last month raised its offer to acquire its joint venture partner Fraser & Neave Ltd.'s stake that it does not already own in Singapore-based APB for a total consideration of S$5.4 billion.
Heineken has now offered S$53 per share for the whole of Fraser & Neave's 39.7 percent direct and indirect stake in APB, up from the previous offer of S$50 per share. APIPL is the 50:50 joint venture company through which F&N and Heineken hold their stakes in APB.
In between, TCC Assets Limited, a special purpose vehicle connected to Thai billionaire Charoen Sirivadhanabhakdi, has launched a mandatory conditional S$8.88 per share offer for Fraser and Neave. The offer is estimated to be valued at $7.2 billion.
That offer gave rise to speculation that there may be a takeover battle for F&N's interests in APB. However, ThaiBev and TCC Assets decided to support Heineken's offer for APB.
Heineken shares closed lower by 0.47 percent in Amsterdam on Thursday at 46 euros on a volume of 689,213 shares.
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by RTT Staff Writer
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