DJ UPDATE: Fraser & Neave, Asia Pacific Breweries on Trading Halt Pending Announcement
-- Fraser & Neave, Asia Pacific Breweries shares halted from trade Thursday, pending announcement
-- Heineken's US$4.1 billion offer for Asia Pacific Breweries expires Friday
-- F&N is seeking more cash for its Asia Pacific Breweries stake, says person familiar with the situation
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By Gaurav Raghuvanshi and Sam Holmes
SINGAPORE--Fraser & Neave Ltd. (F99.SG) and Asia Pacific Breweries Ltd. (A46.SG) shares were placed on trading halts Thursday, a day ahead of a deadline for the Singapore conglomerate to accept Heineken NV's (HINKY, HEIA.AE) 5.1 billion Singapore dollar (US$4.1 billion) offer to buy out Fraser & Neave's stake in Asia Pacific Breweries.
Heineken launched the offer last month to buy out its partner in the 81-year-old joint venture. It offered S$50 per share for all of F&N's 39.7% stake in Asia Pacific Breweries. The offer price represents a 1% premium to APB's closing price on Wednesday.
The current offer expires Friday.
Asia Pacific Breweries is 64.8%-controlled by Asia Pacific Investment Partners, a 50-50 joint venture between F&N and Heineken. F&N separately holds a 7.3% direct stake in Asia Pacific Breweries while Heineken holds a 9.5% direct stake.
A person familiar with the situation earlier this week said F&N is seeking more money for the APB stake but declined to specify how much more it wanted.
Heineken's takeover offer for APB last month came within two days of Thai Beverage Ltd. (Y92.SG), which is controlled by Thai billionaire Charoen Sirivadhanabhakdi, announcing that it is buying a 22% stake in F&N from Oversea-Chinese Banking Corp. (O39.SG) and partners for S$2.78 billion. Thai Beverage clarified on Wednesday that it isn't seeking a buyout of F&N.
Fraser & Neave wasn't immediately available for additional comment Thursday. APB declined to comment further on the trading halt.
Heineken couldn't immediately be reached for comment.
Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@dowjones.com