Stamford Law Corporation is lead transaction counsel for Fraser and Neave, Limited (F&N) in its proposed S$5.59 billion sale of its 39.7% effective interest in Asia Pacific Breweries Limited (APB) to Heineken International B.V.
The transaction saw Heineken revise its initial offer upwards from S$50 to S$53 for each APB share after Kindest Place Groups Limited (KPG), an entity owned by the son-in-law of Thai Beverage plc founder Charoen Sirivadhanabhakdi, made an unsolicited offer of S$55 per APB share for F&N’s direct interest in APB. Stamford Law advised the F&N on the competing offers from Heineken and KPG and on the eventual transaction with Heineken.
The successful negotiation for an increased offer from Heineken gives a S$307 million or a 6.0% increase over Heineken’s initial offer. It represents a premium of 53.7% over the one-month volume weighted average price of each APBL share (for the one-month period up to and including 16 Jul 2012) and a multiple of approximately 20x FY2011 EBITDA.
The Stamford Law team was led by Partner LEAN Min-tze.
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