Singapore conglomerate Fraser and Neave is in talks with Heineken seeking a higher offer for Asia Pacific Breweries (APB), sources with direct knowledge of the matter said.
Last week, Heineken extended its US$6.1 billion ($7.6 billion) takeover offer to buy APB by one week, and sources said there may be further delays before the two parties could agree on a price for the maker of Tiger beer.
It is not immediately clear how much more F&N wants, but the board is waiting to see what Heineken comes back with, one of the sources said.
Heineken moved swiftly and offered $50.00 a share to take control of APB after companies linked to the Thai tycoon Charoen Sirivadhanabhakdi bought stakes in both F&N and APB.
APB shares fell 2% to $49.00 this afternoon, valuing the company at $12.9 billion.
Heineken's joint venture with F&N has a 65% stake in APB.
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