F&N bites Heineken's $5.59b bid

Its entire interest in Asia Pacific Breweries was sold at $53 per share.

In a release, Fraser and Neave announced that it has entered into sale and purchase agreements with Heineken International B.V. , a wholly owned subsidiary of Heineken N.V., to sell its entire interest in Asia Pacific Breweries Limited and other assets in Asia Pacific Investment Pte Ltd for an aggregate consideration of $5.59 billion.

This consideration values F&N’s 32.4% effective interest, held through a 50-50 joint venture APIPL between F&N and Heineken N.V., at $4.43 billion. The other assets held by APIPL were valued at $163 million. F&N’s 7.3% direct interest in APB is valued at $994 million. The $5.59 billion consideration is a $307 million or a 6.0% increase over Heineken’s previous offer. This represents a premium of 53.7% over the one-month volume weighted average price per APB share1 and a c.20x FY2011 EBITDA multiple. The sale of F&N’s direct and JV stakes in APB respects Heineken’s rights under F&N’s joint venture agreement with Heineken.

Mr Lee Hsien Yang, Chairman of F&N, said, “Heineken’s new offer of $53 per share is for our entire interest in APB, while Kindest Place Groups Limited’s offer, although marginally higher than Heineken’s on a per share basis, is only for our direct 7.3% stake. The sale of F&N’s stakes in APB in its entirety to Heineken at the improved price would better maximise overall returns for F&N shareholders. If F&N shareholders approve the sale, all remaining APB shareholders will also stand to benefit from the higher mandatory offer price of $53 per share.”

The transaction remains subject to sale conditions which include the receipt of regulatory approvals and the approval of F&N’s shareholders at an EGM to be convened.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia