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

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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

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