AUS: McWilliams and Pendulum to bid for E&T
Australian wine company McWilliams Wines and Pendulum Capital are to launch a joint bid for the collapsed Australian wine group Evans & Tate (E&T), according to local press reports.
The McWilliams/Pendulum bid is one of five on a short-list of bidders for the prime assets of the Western Australian wine company.
"Five parties were more than we had intended to admit and because of this, the process will take a little bit longer than we initially thought, but we expect the sale to be completed within the next three weeks," Peter Anderson, a partner at McGrathNicol which is overseeing the E&T receivership, was quoted saying in The West Australian.
Anderson added that the parties had bid for the entire company, but owing to a legal dispute surrounding E&T's bulk wine business in Mildura, that part of the E&T business will not be included in a sell-off at this time.
Some other companies are thought to have lodged bids for E&T's boutique winery in the Yarra Valley, Oakridge Vineyard.
Evans & Tate went into receivership in August with debts of A$150m.
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