Fraser & Neave has been given an extra week to decide on accepting the 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 offer of SGD55 (US$44.33) per share is SGD5 per share higher than Heineken's offer, submitted last month. However, Heineken has claimed the Kindest Place offer is "not comparable" to its own. 

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.