News

AUS/US: Yarraman refuses to throw in towel on E&T

Most popular

Pernod breaks boundaries with Chinese distillery

New Remy Cointreau CEO - just-drinks thinks

Pernod on its Chinese whisky project - Interview

Chapoulaud-Floquet's Remy legacy - j-d thinks

Let your brand creativity go wild at festivals

MORE

Yarraman Winery has said today (15 March) that it wants to pursue its takeover of Evans & Tate despite the Australian wine group snubbing its latest proposal.

The US-listed winery, which has assets in Australia, was reacting to Evans & Tate's decision to pull out of a tentative agreement between the two companies.

Evans & Tate said today that it had not received "satisfactory evidence" of Yarraman's ability to raise the finance for the deal. "In these circumstances, the board of Evans & Tate has resolved to terminate the agreement with Yarraman," the company said.

Evans & Tate's decision comes a month after it said it would study Yarraman's bid, which valued Evans & Tate at A$148.3m (US$116.5m).

Yarraman said it has secured financial backing from US conglomerate GE to cover Evans & Tate's debts, which include some A$90m owed to ANZ Bank.

Today's rebuttal from Evans & Tate suggests that the company was unconvinced about Yarraman's undertakings. Nevertheless, Yarraman has insisted its offer is in "the best interests" of all Evans & Tate shareholders. Yarraman said it would give further details on its bid to Evans & Tate in due course.


Sectors: Wine

Companies: Yarraman Winery

Related Content

E&J Gallo Winery's vineyard footprint in California - The map

E&J Gallo Winery's vineyard footprint in California - The map...

Constellation Brands offloads lower-end wines to E&J Gallo in US$1.7bn deal

Constellation Brands offloads lower-end wines to E&J Gallo in US$1.7bn deal...

"The US is the one market where we've not seen gin's momentum develop" - Diageo CEO Ivan Menezes tal...

"We need to pick our battles and identify where we want to grow on a scale basis"- just-drinks meets...

Oops! This article is copy protected.

Why can’t I copy the text on this page?

The ability to copy articles is specially reserved for people who are part of a group membership.

How do I become a group member?

To find out how you and your team can copy and share articles and save money as part of a group membership call Sean Clinton on
+44 (0)1527 573 736 or complete this form..



Forgot your password?