AMSTERDAM (AP) — Dutch brewer Heineken NV has raised its bid for a controlling stake in Tiger Beer maker Asia Pacific Breweries to $4.47 billion, hoping to ward off a rival bid.
Singapore conglomerate Fraser and Neave agreed early Saturday to sell its 39.7 percent stake in APB to Heineken, which would give the Dutch brewer 81.6 percent of APB.
Heineken thought it had sealed the deal with a $4.23 billion bid in July, but Thai Beverage then offered Fraser and Neave 55 Singapore dollars ($43.91) per share for a 7.3 percent stake in APB — better than Heineken's 50 Singapore dollars ($39.92) per share bid.
Heineken's new bid is 53 Singapore dollars ($42.31), but it covers Fraser and Neave's whole stake.
Saturday's deal includes a $47 million break fee for Heineken.