Heineken NV (HEIA), the world’s third- biggest brewer, said it agreed to extend its offer for Fraser and Neave Ltd. (FNN)’s stake in Asia Pacific Breweries Ltd. (APB) by a week from today.
Heineken, which offered S$50 a share for F&N’s holdings in the Tiger beer maker, continues to believe the bid has compelling value, it said in a statement today. F&N had requested more time to consider the offer which will be extended by one week from July 27, it said.
Heineken “is keen to agree a consensual deal with F&N,” it said. “However, if HNV is denied the ability to extend its offer to all APB shareholders it will review all options available to protect its commercial interests.”
F&N said in a separate statement to the Singapore exchange today that it has not received any other offers for its stake in APB.
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