Fraser & Neave Ltd., the company that controls 40 percent of southeast Asian beermaker Asia Pacific Breweries Ltd., said today a Thai bidder agreed to extend the deadline for its offer for a stake in APB by more than a week.
Kindest Place Groups, owned by the son-in-law of Thai billionaire Charoen Sirivadhanabhakdi, offered to buy 7.3 percent of APB from Singapore-based F&N for S$55 ($44.10) a share, potentially compromising an earlier offer from Heineken NV, the world’s third-biggest brewer, to take full control of APB at a lower price.
The deadline for F&N to make a decision on Kindest Place’s offer was originally Aug. 16 and was extended today to Aug. 24, F&N said in a statement to the Singapore Stock Exchange.
Heineken already owns 42 percent of Singapore-based APB and offered to buy F&N’s stake in the company at S$50 a share followed by a mandatory tender offer for the remaining shares. F&N’s board recommended its offer on Aug. 3.
Heineken, based in Amsterdam, has been seeking to protect its hold over APB, a key emerging market asset, as sales growth slows in developed economies including western Europe and the U.S. Thai Beverage Pcl, controlled by Charoen, last month bid for a 22 percent in F&N as Kindest Place bought 8.4 percent of APB at the same time.
Heineken had said Kindest Place’s bid for the 7.3 percent stake is “not comparable” to its offer for total control of APB, and commented that its bid “represents compelling value” for F&N and APB’s shareholders.
Heineken’s shares rose 0.2 percent to 44.08 euros in Amsterdam. Heineken and F&N partially control APB through a joint venture. F&N’s shares closed down 0.5 percent at S$8.55 in Singapore before the announcement. APB’s shares rose 0.3 percent to S$50.15.