Heineken NV is negotiating with Singapore's Fraser and Neave about raising its $6 billion bid for full control of the maker of Tiger beer and breweries in 14 countries as it fights against a Thai billionaire for its future in Asia.
A revised offer for Asia Pacific Breweries (APB) by Heineken, the world's third-largest brewer, could be up to 10% higher than its earlier bid and may be conditional on F&N not accepting a partial Thai bid, sources said. "It is definitely a higher price," said one of the sources.
Two sources said the Dutch brewer, which has said its full bid would give greater value to APB shareholders, may simply match a partial offer by the Thai group of S$55 ($43.9) per share.
F&N declined to comment. Heineken also declined to say if the company will sweeten its offer or make it conditional.