A Thai company Tuesday made a counter-offer for a Singapore brewer about to be taken over by Dutch giant Heineken, raising the stakes in a battle for a prime spot in Asia's booming beer market.
Kindest Place, a firm owned by the son-in-law of Thai drinks tycoon Charoen Sirivadhanabhakdi, offered Sg$55 ($44.34) per share for Asia Pacific Breweries (APB), the makers of Tiger Beer, 10 percent higher than the offer by Heineken.
Heineken, which holds 42 percent of APB, had earlier offered to buy out the 40 percent stake of its partner Fraser and Neave (F&N) for Sg$50 per share.
F&N and APB disclosed the offer in statements to the Singapore Exchange.
"The company wishes to announce that it has received an unsolicited offer from Kindest Place Groups Ltd... to acquire the company's direct interest in (APB)... at the price of Sg$55 for each share," F&N said in a statement.
It said the offer will lapse at the close of business on August 16 and that the F&N board will evaluate the new offer.