What you need to know about the APB bidding war

Find out which side has backed down.

IG Markets Singapore noted:

While Wall Street and Europe saw subdued trading last night the big news of the day concerns a happy conclusion in the long-running battle for Asia Pacific Breweries.

Thai tycoon Charoen has backed down and handed Heineken a free passage to takeover APB, while he pursues the acquisition of its joint parent company Fraser & Neave.

Many had been gearing up for a tussle between the Thais and the Dutch brewer but Charoen perhaps sees more value in the break-up of F&N, which has seen its share price rise above the offer price of $8.88.

F&N has a substantial property portfolio worth more than $8 billion along with a lucrative soft drinks division, assets that Charoen is more than familiar with. As a shrewd investor and Thailand’s third richest man he may offer Japanese rival and fellow F&N shareholder Kirin the sweetener of the soft drinks business if it supports his takeover bid at the EGM on September 28.

So it could be a win-win for everyone involved. Heineken gets its prized asset of APB, the Thais get a good price which will help fund their takeover of F&N, shareholders see the true value of F&N unlocked via its break-up and a possible bidding war from the likes of Kirin and Coca-Cola while Heineken and ThaiBev may extend their distribution via APB.

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