The agreed deal surprised analysts as they were expecting F&N to seek as much as S$60 per share, or a counter bid either by Thai Beverage Ltd, owned by tycoon Charoen Sirivadhanabhakdi or from Japanese brewer Kirin Holdings, both of whom hold stakes in F&N. Citing sources close to knowledge of the deal, Reuters reported that F&N's board had approved the deal after Heineken raised its offer a little over S$50 a share.
