ASIA: Heineken claims Asia Pacific Breweries counter bid is "not comparable"
Heineken says it is continuing discussion with F&N to take full control of the Tiger brewer
Heineken has moved to stifle talk of a bidding war for Asia Pacific Breweries (APB) by claiming a separate bid for a stake in the Tiger brewer announced this week is "not comparable" to its offer.
Kindest Place Groups (KPG), a company with family links to ThaiBev, has tabled an unsolicited offer for Fraser & Neave's 7.3% stake in APB, it was revealed yesterday (7 August). The offer, SGD55 (US$44.33) per share, is SGD5 per share higher than Heineken's bid for full control of APB, submitted last week.
In a statement today the Dutch brewer said it "noted" KPG's bid, but added that "it is not comparable to the Heineken offer".
"The Heineken offer is for F&N's entire (direct and indirect) 39.7% effective stake in APB and F&N's 50% share of the non-APB assets in Asia Pacific Investment Pte Ltd, for a total consideration of SGD$5.3bn," the statement said.
It added: "The aggregate consideration under the Heinken offer and the MGO (mandatory general offer) will be up to SGD7.7bn. In contrast, the total consideration to F&N under the unsolicited offer would be SGD1bn."
Heinken said it is continuing its discussions with F&N over its bid and continues to believe it "represents compelling value for F&N's and APB's shareholders".
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