Thai firm eyes Tiger brewer stake
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Heineken's bid to take control of Asia Pacific Breweries (APB), the maker of Tiger Beer, has taken a surprise twist after a Thai firm, Kindest Place, offered to buy a stake in the brewer.
It has offered S$55 ($44; £28) a share for a 7.3% stake in APB, currently held directly by Fraser and Neave (F&N).
That is 10% higher than Heineken's offer to F&N for its 40% direct and indirect stakes in APB.
F&N's board had accepted Heineken's bid but it requires shareholder approval.
Analysts said that the Dutch brewer may have to pay more if it wants shareholders to vote in its favour.
"With this latest turn of events, Heineken's current offer will fail," said Goh Han Peng, an analyst at DMG & Partners Securities in Singapore.
"It will have to offer more than S$55 per share to outbid the Thai group, possibly S$60 per share."