Summary Two biggest tycoons are going head-to-head to take control of Singaporean firm Fraser & Neave (F&N).
A group led by the Stephen Riady-chaired Overseas Union Enterprise (OUE) has launched a 13.1bn Singapore dollars ($10.7bn; £6.7bn) bid for the firm.
That trumps a SG$9bn offer by a Thai group controlled by billionaire Charoen Sirivadhanabhakdi.
F&N sold its stake in Tiger beer maker to Heineken earlier this year.
Analysts said the Thai group, which is already the biggest shareholder of F&N, was likely to raise its offer.
"With the latest offer coming in at just 20 cents a share higher than the Thais, it leaves the battle nicely poised for Thai tycoon Charoen to come back with an improved offer that beats OUE and puts the game out of reach once and for all," said Justin Harper of IG Markets in Singapore.
"The phone line to his financial backers could be busy for most of the day."
