Tidying up the house
Singapore’s Asia Pacific Breweries Limited (APB), jointly owned by Heineken International and Fraser and Neave Limited, announced its intention to make an unconditional takeover offer for the purchase of the 23.09 percent of New Zealand brewer DB Breweries Limited (DB) that it does not already own. It was in 1991 that APB first bought into DB Breweries. In 1993 it raised its equity participation to 54.7 percent.
The offer price is NZD9.50 cash per share. This represents a 20.25 percent premium to the last trade of NZD7.90. The bid values DB at about NZD479 million (USD319 million). This means that APB is entitled to record a relevant interest of 85.25 percent in the capital of DB. The offer is being made
to enable APB to privatise and de-list DB...
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