HEINEKEN Agrees With Final Offer From Fraser And Neave
AMSTERDAM – HEINEKEN today announced that, through its wholly-owned subsidiary Heineken International B.V. (“HIBV”), it has:
- Agreed a final offer of S$53.00 per APB share for F&N’s entire (direct and indirect) 39.7% effective stake in APB for a total consideration of S$5.4 billion and a consideration for F&N’s interest in the non-APB assets held by APIPL of S$163 million (the “Final Offer”); and
- Signed Definitive Agreements with F&N regarding the Proposed Transaction that include undertakings from the F&N Board to:
(i) Irrevocably recommend the Proposed Transaction; and
(ii) Convene an extraordinary general meeting of F&N shareholders to consider the
Proposed Transaction (the “F&N EGM”) within a pre-defined timetable.
The total cash consideration to F&N under the Final Offer will be S$5.6 billion, an increase of S$307 million compared to HEINEKEN’s previous offer made on 20 July 2012. HEINEKEN will not increase its Final Offer and believes that it provides compelling value to both F&N and APB shareholders. The Final Offer represents a premium of 54% over the one-month volume weighted average price per APB share¹ and a P/E multiple of 35.1x for the last twelve months ending 30 June 2012.
HEINEKEN Chairman of the Executive Board and Chief Executive Officer Jean-François van Boxmeer said:
“I am pleased that F&N’s Board has agreed that our increased offer, which is now final, represents excellent value for F&N and APB shareholders. I would like to thank Chairman Lee for the role he has played in securing this important agreement. Our Asian headquarters will continue to be based in Singapore, and we remain 100% committed to the growth and success of APB and the Tiger brand, just as we have been for the last 81 years.”
Short URL: http://woodlawnpost.com/?p=58459