SINGAPORE: Fraser & Neave gets extra week over Kindest Place Groups' Tiger offer
Fraser & Neave has been given an extra week to decide on accepting the offer
Fraser & Neave (F&N) has been given an extra week to consider an offer from Kindest Place Groups, a company linked to ThaiBev, to buy its direct stake in Asia Pacific Breweries (APB).
In a filing to the Singapore Stock Exchange yesterday (14 August), F&N said Kindest Place has extended its offer deadline to 24 August. Kindest Place, run by ThaiBev's owner's son-in-law, submitted the unsolicited bid for F&N's 7.3% stake in Tiger brewer APB last week.
F&N said its board is "evaluating the offer".
The Dutch brewer has had its bid approved by F&N, but the Singapore conglomerate still needs the green light from its shareholders.
Separately, Oversea-Chinese Banking Corp has confimed it has finalised the sale of its stakes in F&N and APB to ThaiBev and Kindest Place, after offers last month.
Earlier this week, it emerged that ThaiBev has rasied its stake in F&N to 26.2%. The company's moves and that of Kindest Place are being seen as a challenge to Heineken's bid for full control of APB, in the battle for the region's lucrative emerging markets.
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