Heineken to continue pursuit of Tiger beer

(AP) Dutch brewer Heineken NV says it will keep fighting to buy the shares it doesn't already own of Tiger beer owner Asia Pacific Breweries of Singapore, despite efforts to upset the deal by a Thai group.

Last week Fraser and Neave agreed to sell its 39.7 percent stake in APB to Heineken for $4.23 billion. The offer was a 45 percent premium to APB's share price at the time, and would give Heineken 82 percent of APB.

On Aug. 7, Thai Beverage, which already owns 8 percent of APB, offered Neave 55 Singapore dollars per share for a 7.3 percent stake in APB. Though that offer is 10 percent higher than Heineken's share offer, the Dutch brewer insisted Wednesday that its offer is better because it covers Neave's whole stake.