Shares of Singapore-listed Thai Beverage Pcl rose to the highest in 1-1/2 months after Heineken NV
trumped a bid for Asia Pacific Breweries.
Thai Beverage’s shares jumped 4.4% to $0.355, the highest since June 6 and were the most actively traded shares in Singapore.
More than 36 million shares were traded, over four times the average full-day volume traded over the past 30 days. The shares topped trading volumes.
“Heineken countered higher, so if Thai Bev loses the bid it’s good for the stock because they are paying too much already,” said a trader.
Heineken launched a $50 per share offer for F&N’s direct and indirect stakes in APB, topping the $45-a-share offer proposed by companies linked to Thai tycoon Charoen Sirivadhanabhakdi for part of those holdings.
Moody’s Investors Service had put Thai Beverage’s Baa2 issuer rating under review for downgrade as the proposed deal is expected to be funded by debt.
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