US funds return for second tilt at Australasia's largest wine producer
A takeover of Treasury Wine Estates (TWE), Australasia’s largest producer, looks certain with a revised offer from two US-based investment funds.
TWE has agreed to open its books to Kohlberg Kravis Roberts (KKR) and Rhone Capital after receiving a fresh $A3.4 billion offer.
Under the new proposal, the KKR-led consortium has upped its bidding price by 50Ac to $A5.20 a share.
This follows a rebuff from the TWE board in April, when the offer of $A4.70 was first made. It did not surface publicly until mid-July.