Round-Up - The Race for Treasury Wine Estates
By mid-August, Treasury Wine Estates had received two takeover bids. Here is just-drinks' full coverage of the battle for the hand of the Australia-headquartered wine group.
Earlier this Summer, I argued that TWE's shareholders should sell out to Kohlberg Kravis Roberts & Co (KKR), on the basis that long-term structural changes in the global wine market are unfavourable to TWE's business model.
One week after Kohlberg Kravis Roberts & Co (KKR) and Rhone Capital pitched a joint-takeover bid for Treasury Wine Estates, another "global private equity investor" has thrown its hat into the ring for the Australia-headquartered wine group.
With Kohlberg Kravis Roberts & Co returning to Melbourne with an improved offer for Treasury Wine Estates, and the Australian wine company not slamming the door this time, the future for Treasury looks pretty sealed down.
Treasury Wines Estates (TWE) is to open up its books after receiving an increased AUD3.4bn takeover proposal from two private-equity suitors.
Last month, Treasury Wine Estates (TWE) turned down a US$2.85bn takeover bid from Kohlberg Kravis Roberts & Co (KKR). While an improved bid has not yet materialised, Stefan Kirk from M&A practitioner Glenboden believes that the wine firm's shareholders should ponder selling up sooner rather than later.
Who'd have thought it? Treasury Wine Estates, a company that, in the recent past, has scrabbled around trying to find someone to buy its wine business, has finally received a takeover offer. And, they've only gone and rejected it.
Treasury Wine Estates has received - and rejected - a takeover offer from private equity firm Kohlberg Kravis Roberts & Co.
Treasury Wine Estates (TWE) has moved to deny speculation that it is in talks to sell its US business to Constellation Brands.
Treasury Wine Estates has moved to quash speculation linking Pernod Ricard with its US wine assets.
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