Heineken NV has made an offer to the board of its joint venture partner Fraser & Neave Limited to acquire F&N's direct and indirect interests in Asia Pacific Breweries Limited at a price of S$50.00 per APB share, for a total consideration of S$5.1bn.
In addition, Heineken has offered S$163m for F&N's interest in the non-APB assets held by Asia Pacific Investment Private Limited, a 50/50 joint venture between Heineken and F&N.
In accordance with the Singapore Code on Takeovers and Mergers, when the conditions of the offer are satisfied, Heineken will make a mandatory general offer for all the shares of APB not already owned by Heineken at a price of S$50.00 per APB share, for a maximum consideration of S$2.4bn.
Heineken believes that its offer represents 'compelling value' for F&N shareholders and APB's minority shareholders and treats all APB shareholders equally.
The offer price represents a premium of 45% over the one-month volume weighted average price per APB share.