SINGAPORE--Heineken N.V. (HINKY, HEIA.AE) said Friday it has
given Fraser & Neave Ltd. (F99.SG) one more week to consider
the Dutch beverage group's S$5.1 billion ($4.08 billion) offer to
buy the Singapore conglomerate's stake in their joint venture Asia
Pacific Breweries Ltd. (A46.SG).
Heineken accepted a request from Fraser & Neave to extend
the deadline for accepting its offer from Friday to Aug. 3, the
company said in a statement.
The Dutch group launched the offer last week to buy out its
partner in the 80-year-old joint venture, which brews Singapore's
flagship Tiger beer. It offered S$50 per share for all of F&N's
stake in Asia Pacific Breweries.
Heineken "continues to believe that the offer represents
compelling value for F&N shareholders and APB's minority
shareholders," it said, noting that its offer still represents a
45% premium over the one-month weighted average price per Asia
Pacific Breweries share.
In a separate statement confirming the deadline extension,
Fraser & Neave said it hasn't received any other bid for its
stake in Asia Pacific Breweries apart from the offer from
Heineken.
Asia Pacific Breweries is 64.8%-controlled by Asia Pacific
Investment Partners, a 50-50 joint venture between F&N and
Heineken. F&N separately holds an 7.3% direct stake in Asia
Pacific Breweries while Heineken holds a 9.5% direct stake.
Credit Suisse and Citigroup are advising Heineken on the offer.
Goldman Sachs is advising Fraser & Neave, according to people
familiar with the situation.
Write to Chun Han Wong at chunhan.wong@dowjones.com and P.R.
Venkat at venkat.pr@dowjones.com
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