Heineken ups bid for APB to fend off Thai rival
THE HAGUE (AFP) - Dutch brewing giant Heineken on Friday agreed to a final offer of $53 a share for Singapore's Asia Pacific Breweries (APB) to fend off a Thai rival and gain control of Asia's fast-growing beer market.
The Amsterdam-based group added it had inked a definitive agreement with Singapore conglomerate Fraser and Neave's (F&N) board to "irrevocably recommend" the proposed deal.
"Heineken today (Friday) announced it has agreed a final offer of $53 per APB share for Fraser and Neave's entire stake in APB," for a total cash consideration of $5.6 billion, Heineken said in a statement.
"The total cash consideration to F&N under the final offer will be $5.6 billion, an increase of $307 million compared to Heineken's previous offer made on July 20, 2012," it said.