Treasury Wine Estates may delay its AGM

Treasury Wine Estates may delay its AGM

Treasury Wine Estates (TWE) has warned that it may delay its AGM, depending on the outcome of discussions with two potential buyers of the group.

In a filing today, the Australia-based wine firm noted that it remains in discussions with two private equity groups. Earlier this month, TWE revealed it has received a competing takeover bid after Kohlberg Kravis Roberts & Co (KKR) and Rhone Capital proposed a AUD3.4bn (US$3.2bn) transaction.

A deal may involve a ‘scheme of arrangement’ - an agreement between the company and shareholders - TWE said.

“TWE’s directors consider that, if possible, it would be preferable for the company and its shareholders for any scheme of arrangement to be considered on the same day as the company’s 2014 AGM, in order to reduce costs and increase convenience for shareholders,” the filing said.

The AGM is scheduled for 30 October. TWE added that, if a deal is agreed before that date, the AGM is likely to be delayed.

However, TWE stressed that “there is no certainty that any proposal will result in an offer for the company”.

To read the company's official filing, click here.