AUS: Yarraman ponders another bite of Evans & Tate - report
Yarraman Winery is set to return with yet another offer for Evans & Tate, according to local reports.
The US-listed winery is preparing another bid for the Australian company, The Australian reported over the weekend, citing sources familiar with Yarraman. "The Australian subsidiary of the US company is looking to put something to the (Evans & Tate) board early next week," the source told the newspaper. While specific details were not disclosed, the source said that the new offer would be the best of all the bids made so far.
"It will see all (Evans & Tate) security holders, including the ANZ bank (E&T's major creditor), getting a better deal," the source added.
Yarraman started its courtship of E&T late last year, when it made a bid, thought to be worth around A$131m (US$109.5m), for the Australian company. When this was dismissed, Yarraman returned in February with an improved offer valuing E&T at around A$148m. Again, E&T turned this down, and terminated discussions in March.
Last month, ANZ teamed with Pendulum Investor Group to draw up a financial restructure proposal for E&T. The plan will see ANZ Bank take a 64% stake in E&T in return for erasing A$45m of the $100m debt it is owed by the winemaker. Pendulum will then buy half of ANZ's shares for an undisclosed sum, after which E&T will raise $16.7m in capital through a rights issue to be fully underwritten by ANZ and Pendulum.
A separate offer has seen Australian peer Ferngrove Vineyards offer to merge with E&T, in return for the issue of 413.33m shares to Ferngrove. The proposed merger would also see ANZ convert $45m of its debt into 409.09m shares at 11 cents each.
The sale of Evans & Tate is finally expected to close next week, local reports have claimed....
McWilliams Wines is set to become the new owner of collapsed West Australian winemaker Evans & Tate....
- Coca-Cola pressure builds as bid rumours swirl
- Gin: Plymouth's from Plymouth, London's from...?
- Why Chinese beverages won't conquer the world
- Fireball Recall: Putting Out Fire with Anti-Freeze
- Interview: Distell Vineyards & Estates' CEO
- Anheuser-Busch InBev cuts jobs in US shake-up
- Diageo targets Millenial women with Baileys push
- William Grant unveils bespoke Glenfiddich website
- NPD - DeLeon Tequila's Platinum and Reposado
- Diageo unveils Ciroc in Times Square push
- Early Signals: future scenarios that will drive consumption and product innovation over the next five years
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends research
- Global Beer Opportunities: Beyond Standard Lager
- The IWSR Global Trends Report 2014
- Global Cognac insights - market forecasts, product innovation and consumer trends research