The Pernod Ricard team were in London today (February 18) to flesh on the bones for their half year interim results which were announced last week.
The beer giant has agreed an offer of S$53 per APB share for Fraser & Neave's entire 39.7% stake in APB. Including F&N's non-APB related assets, this amounts to a total consideration of S$5.6 billion - an increase of S$307 million compared to Heineken’s previous offer made on July 20, 2012.
A statement from Heineken said the company would not increase its final offer.
Heineken CEO Jean-François van Boxmeer said: “I am pleased that F&N’s Board has agreed that our increased offer, which is now final, represents excellent value for F&N and APB shareholders. I would like to thank chairman Lee for the role he has played in securing this important agreement. Our Asian headquarters will continue to be based in Singapore, and we remain 100% committed to the growth and success of APB and the Tiger brand, just as we have been for the last 81 years.”
When the proposed transaction is completed, the Heineken group will hold a 81.6% stake in APB and gain control of APB’s business. Heineken will then make a mandatory general offer, in accordance with the Singapore Code on Take-overs and Mergers, for all the shares of APB that it does not already own. The total cash consideration for the mandatory general offer would be S$2.5 billion.