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Business News
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Heineken wins bid for Tiger beer in $4.5bn deal
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Posted online: Monday, August 20, 2012 at 3:31:38 PM
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London, Aug. 20 : Dutch brewing company Heineken International has agreed to buy Singapore-based Fraser and Neave's controlling stake in the maker of Tiger beer in a deal worth 5.6 billion Singapore dollars (4.5 billion US Dollars).
Heineken had raised its bid from 50 to 53 Singapore dollars per share.
According to the BBC, Fraser and Neave confirmed it had accepted an improved offer from Heineken for its 40 percent stake in Asia Pacific Investment Pte Ltd (APIPL).
APIPL is a joint venture between Heineken and Fraser and Neave, which operates Asia Pacific Breweries (APB).
"Our Asian headquarters will continue to be based in Singapore, and we remain 100% committed to the growth and success of APB and the Tiger brand," Heineken's Chief Executive, Jean-Francois van Boxmeer, said in a statement.
According to the report, if approved, the deal would give Heineken an 81.6 percent stake in APB triggering an automatic takeover offer for the outstanding shares in the company, which would cost a further 2.5 billion Singapore dollars.
As part of the deal, Fraser and Neave has promised not to 'solicit, engage in discussions or accept any alternative offer or proposal for its interests in APB', the report added.
Source-ANI
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