Heineken raised its offer for Fraser and Neave’s stake in the maker of Tiger beer to $6.35 billion on Friday, seeking to fend off a Thai rival for control of a leading brand in the fast-growing Southeast Asian market.
The Dutch brewer confirmed an earlier Reuters report late on Friday night when it made a revised offer for Asia Pacific Breweries of 53 Singapore dollars per share. It had previously bid S$50 per share, while a Thai billionaire’s group made a partial offer of S$55 per APB share.
Heineken, the world’s third-biggest brewer, is seeking control of Asia Pacific Breweries to gain a larger slice of one of the last beer markets that is still growing rapidly.
But Heineken’s efforts have been complicated by Charoen Sirivadhanabhakdi, Thailand’s second-richest man, who wants to expand his Thai Beverage empire in Southeast Asia.
Heineken’s offer for the APB shares owned by drinks and property conglomerate Fraser & Neave (F&N), its long-time partner, would give it a total 81.6 percent stake and trigger a general offer for the rest of APB.