date:Aug 09, 2012
cash to buy FN's whole stake in APB at a later date.
I think this will get Heineken to pay more, or they will be some sort of concession bid or sweetener placed on the table. The most plausible scenario now is that Heineken overpays (and they've already around offered x18 EBITDA) or just accept ThaiBev as a partner and move on, the analyst said.
I know Heineken's response to this has been 'well we're offering more' [in total, see below] but it's S$55 versus S$50, so this will force Heineken's