A second private equity company has pitched for Treasury Wine Estates

A second private equity company has pitched for Treasury Wine Estates

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.

Treasury said early today (11 August) that it has received a "competing proposal" equal to KKR & Rhone's AUD5.20-per-share offer. The second bid, from a company that "has requested that its identity remain confidential for a period of time", has been granted non-exclusive due-diligence.

"The proposal is ... conditional on a number of other matters equivalent to the previously-announced proposal," Treasury said.

When contacted by just-drinks, a spokesperson for the company said: "There’s no set timeframe for due diligence to be completed. We intend to have a focused and efficient due diligence process that is not unnecessarily long."

The wine company has been the subject of M&A speculation since it announced an AUD160m writedown last year that was followed by another impairment charge, of AUD260m, in June.

To read Treasury's official statement, click here.