APB shares jump 17% on Heineken bid
SINGAPORE (REUTERS) - Shares of Asia Pacific Breweries (APB) jumped on Monday after Heineken NV launched a bid worth up to $7.5 billion for the Singapore maker of Tiger Beer.
APB shares were up 17 per cent at $49.00, still below Heineken's offer price of $50.00. Shares of Fraser and Neave were up more than 5 per cent.
Heineken's offer last Friday completed a frenetic week for APB and F&N, a Singapore conglomerate whose joint venture with Heineken has a 65 per cent controlling stake in APB.
F&N said in a statement its board was considering Heineken's offer.