Dutch brewer Heineken NV has raised its bid for a controlling stake in Tiger Beer maker Asia Pacific Breweries to $US4.47 billion ($A4.30 billion), hoping to ward off a rival bid.
Singapore conglomerate Fraser and Neave agreed early Saturday to sell its 39.7 per cent stake in APB to Heineken, which would give the Dutch brewer 81.6 per cent of APB.
Heineken thought it had sealed the deal with a $US4.23 billion ($A4.07 billion) bid in July, but Thai Beverage then offered Fraser and Neave $S55 ($A42.06) per share for a 7.3 per cent stake in APB - better than Heineken's $S50 ($A38.23) per share bid.
Heineken's new bid is $S53 ($A40.53), but it covers Fraser and Neave's whole stake.
Saturday's deal includes a $US47 million ($A45.23 million) break fee for Heineken.