Dutch beer giant Heineken on Friday gave Singapore food and beverage group Fraser and Neave (F&N) one more week to consider its $4.1 billion takeover offer for Asia Pacific Breweries (APB).
Heineken last week set a July 27 deadline for APB's parent to accept a buyout but agreed to a one-week extension amid rumours of a potential takeover battle for F&N's assets involving Thai Beverage and Japan's Kirin Holdings.
Apart from beer, APB has major soft-drink and dairy assets along with property, publishing and printing operations.
APB, the maker of Tiger Beer, is its crown jewel.
In a statement posted on the Singapore Exchange website, F&N said "it has reached a mutual agreement with Heineken to extend the deadline for acceptance of the Heineken offer by one week from 27 July 2012".
"Shareholders should note that, as at the time of this announcement, there is no agreement between the parties on the terms of the Heineken offer and there is therefore no certainty that any transaction or agreement will be entered into."
Heineken in turn said in a statement issued in Amsterdam that it was determined to press its July 20 offer of Sg$50 a share for F&N's entire stake in the brewer, a premium of Sg$8 over its previous closing price.
Since then, APB shares have risen as high as Sg$52 and were trading above Sg$51 on Friday morning when the extension was announced.
Heineken said it was "keen to agree a consensual deal with F&N" but if it is "denied the ability to extend its offer to all APB shareholders, it will review all options available to protect its commercial interests".
"There can be no certainty that a transaction will ultimately be forthcoming."
Heineken's offer came after companies linked to Thai tycoon Charoen Sirivadhanabhakdi secured separate deals to buy a 22 percent stake in F&N and a 8.6 percent stake in APB.
Charoen's Thai Beverage has since moved to raise its stake in F&N to 23.9 percent, the Singapore conglomerate said Thursday.
Dow Jones Newswires quoted people familiar with the situation as saying that Japanese beverage giant Kirin Holdings, which has a 15 percent stake in F&N, could also enter the fray.