Heineken NV says it has clinched a deal to take majority ownership
of Singapore-based Asia Pacific Breweries Ltd., the maker of Tiger beer.
Heineken said Friday that Fraser and Neave Ltd., a co-owner of Asia Pacific Breweries, has agreed to tender its shares to the $4.23 billion offer Heineken made in July.
Fraser and Neave will sell its 40 percent stake for 50 singapore dollars per share, a 45 percent premium to APB's share price before the offer was announced July 20.
Fraser's board will recommend the deal to shareholders, though final details have not been negotiated.
The deal would give Heineken a controlling 82 percent stake in APB. Heineken will then try to buy out remaining shareholders. APB also owns Asia's popular Bintang and Anchor brands.