AUS/US: Review period for Yarraman E&T bid extended
Evans & Tate has extended its review period for consideration of the takeover bid from US-listed Australian group Yarraman Winery.
Evans & Tate is mulling a second offer from Yarraman after turning down its initial bid last month. The West Australia-based wine group has agreed to extend the review period until Friday (16 February).
Under the revised offer, Yarraman will swap one of its shares for every 6.75 shares in Evans & Tate, equivalent to 26.5 cents for each share in the company.
Yarraman also plans to inject A$38.5m (US$29.8m) of new equity into Evans & Tate and cover the company's A$90m debt with ANZ Bank.
US conglomerate GE will provide debt financing, Yarraman said. In all, the revised bid values Evans & Tate at A$141m - an increase of A$10m on Yarraman's first offer.
Yarraman, which is listed on the NASDAQ, has vineyards in Australia's Upper Hunter valley.
Evans & Tate has had a tough 18 months, announcing a series of losses, write-downs and winery sales as the business was hit by Australia's wine glut.
In December, Yarraman CEO Wayne Rockall told just-drinks he is hopeful an acquisition of Evans & Tate would be "the first of several" the company makes throughout New World wine territories.
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