Heineken's offer, which lapses on Friday after a week-long extension, has sparked speculation of a takeover battle for F&N's assets involving other foreign players eyeing Asia's growing thirst for beer and other beverages.
F&N has major soft-drink and dairy assets, book publishing and printing operations, condominiums, commercial property and serviced apartments, in addition to beer.
APB, the maker of Tiger Beer, is F&N's crown jewel.
Heineken and F&N have been longtime partners in Asia. Heineken currently owns 41.9 percent of APB, while F&N holds 40 percent.
Kirin Holdings of Japan owns 15 percent of F&N and has been mentioned by analysts as a potential bidder for the Singapore group's assets along with Thai Beverage, which now owns nearly 24 percent of F&N.