Thai Bev offer renews APB bidding battle

Thai Bev has put in another offer for Fraser & Neave’s shares in Asia Pacific Brewery.

Just when Heineken looked as if it had secured the deal last week with its US$4.1 billion bid, Thai Bev’s CEO, Charoen Sirivadhanabhakdi, used his son-in-law’s company – Kindest Place Groups – to put in a higher offer.

The new bid topped Heineken’s US$50 a share offer by 10%.

Chief executive of SIAS Research, Roger Tan, told City AM that: “If push comes to shove, Heineken would have to raise its offer for APB.

“The Thais made a very smart move. They only went in to say they want to buy F&N’s stake, so it allows them to be the spanner in the whole deal.”

The Bangkok Post meanwhile declared that Sirivadhanabhakdi was “winning the war over APB”.

Sirivadhanabhakdi’s son-in-law’s company managed to purchase a 7.3% stake in F&N following Oversea-Chinese Banking Corp’s sale.

As Heineken continues to bid higher for greater control, so shares in the Sirivadhanabhakdi family’s will rise in value.

It is thought that the initial stake has already risen US$134m.