AUS: Yarraman restarts Evans & Tate flirtation - report

By | 15 June 2007

Speculation has surfaced again suggesting that Yarraman Winery is considering another bid for Australian wine group Evans & Tate.

WA Business News yesterday (14 June) cited a spokesperson for the US-listed winery as saying that Yarraman is considering making a fresh offer for E&T, after reports claimed that E&T's board have been discussing potential offers and restructuring proposals.

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.

Earlier this week, E&T said that the Heads of Agreement with its bank, ANZ - which would reduce its debt through the introduction of a third party co-investor - has been terminated. A co-investor had not surfaced, the company said, adding that it has received "an alternative offer for financial restructure of the company".

Trading in E&T's shares was subsequently halted, with a further announcement due "as soon as possible".

Sectors: Wine

Companies: Yarraman Winery

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