Heineken made a move on the Tiger brewer last month.
Heineken's offer is "to acquire, either directly or through a wholly-owned subsidiary, F&N's direct and indirect interests in Asia Pacific Breweries Limited as well as F&N's interest in the non-APB assets held by Asia Pacific Investment Pte Ltd".
The board of F&N has agreed to recommend to the shareholders of F&N to vote in favour of the proposed transaction at the relevant shareholders' meeting.
The agreement is subject to successful negotiation and execution of definitive transaction documents between Heineken and F&N.
