ThaiBev and TCC raise bid for APB

ThaiBev and its partner TCC Assets have launched a new offer for Fraser & Neave, owner of Singapore-based Tiger Beer brewer Asia Pacific Breweries in a new round of their battle with Heineken for control of the group.

ThaiBev’s improved bid, in conjunction with TCC Assets, owned by Charoen Sirivadhanabhakdi and his wife, makes a cash offer of S$8.8 billion (US$7.2 billion) for the brewer, a significant improvement on their previous offer.

Fraser & Neave have already recommended a Heineken bid of S$5.2 billion (US$4.2 billion) to shareholders. However, in recent weeks, ThaiBev, owned by Thai billionaire Sirivadhanabhakdi has become the largest single shareholder in Fraser & Neave, now owning more than 30% of the company.

Singapore law insists that once a shareholder owns more than 30% of a company, they must make a formal offer for the company.

Heineken says it will look carefully at ThaiBev’s announcement. A successful bid by ThaiBev may have implications for Heineken in south-East Asia, where they use APB as a distributor of their beer brands.