Tiger Beer owners to vote on Heineken offer on Sept 28
SINGAPORE (AFP) - Singapore conglomerate Fraser and Neave (F&N) on Thursday called an extraordinary general meeting for later this month to approve Dutch giant Heineken's offer to take over its brewing business.
Heineken has offered S$5.6 billion for F&N's stake in Asia Pacific Breweries (APB), the makers of Tiger Beer and other popular brands in Asia's rapidly growing alcoholic beverages market.
F&N's board has recommended acceptance of the offer, which requires a simple majority of shares, and have asked shareholders to vote on Sept 28, a statement said.
If the Heineken offer is passed, shareholders will vote separately on a proposed cash distribution of S$4.0 billion through a capital reduction in which one out of every three F&N shares will be cancelled. The move requires 75 per cent approval.