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.
As in any product category, fashions come and go in the wine business. And, writes Chris Losh, it appears that Old World wines, whether recently rediscovered gems or traditional offerings given a mode...
The European Agriculture Commissioner Mariann Fischer Boel has unveiled the detailed plans for reform of the European wine sector, following a year of consultation. As expected, there has been some wa...
Yarraman Winery is set to return with yet another offer for Evans & Tate, according to local reports....
Australian wine producer McGuigan Simeon Wines has teamed up with Holland's second largest wine importer/distributor, Groupe LFE....
Carlsberg has lined up a range of wines exclusively for the UK on-trade....
Enotria has appointed a new director of sales for the UK off-trade....
Debt-stricken winemaker Evans & Tate appears set to escape financial collapse after its bankers agreed to a financial restructure today (18 June)....
Speculation has surfaced again suggesting that Yarraman Winery is considering another bid for Australian wine group Evans & Tate....
- Pernod Ricard 's first-half results - Preview
- Pernod Ricard's H1 performance by region - Focus
- Heineken's FY performance by region - Focus
- Forget Baby Boomers at your peril - Consumer Trend
- Carlsberg's full-year performance by region
- Asahi Group lines up Grolsch, Meantime, Peroni buy
- Pernod Ricard targets US through unit, exec switch
- William Grant & Sons' Ailsa Bay - NPD
- SABMiller's Europe chief to join Britvic board
- Asahi Group to buy Grolsch, Peroni from SABMiller
- Global travel retail insights - market forecasts, product innovation and consumer trends
- What Next for Beer and Brewers Following the MegaBrew Deal?
- Global Whiskey Market 2016-2020
- Emerging Drinks Industry Trends
- Global sparkling wine insights - market forecasts, product innovation and consumer trends research