KKR raises takeover bid for Treasury

4th August, 2014 by Rupert Millar

US firm Kohlberg Kravis Roberts (KKR) has raised its takeover bid offer for Treasury Wine Estates by 10%.

PenfoldsThe US equity group has joined forces with a European partner called Rhone Capital and are now offering AU$5.20 a share in the troubled Australian wine group.

KKR’s first takeover bid back in May was rejected by Treasury’s board but this time, reports The Australian Broadcasting Corporation, the tender has “pricked” its interest and it has issued a statement “urging” shareholders not to dismiss it.

The statement said: “The board of TWE, together with its advisers, has concluded, based on the revised proposal, that it is in the interests of its shareholders to engage further with KKR and Rhone.”

The owner of Penfolds, Wolf Blass and other leading Australian brands has been struggling for a while now and recently announced an impairment of over AU$200 million from its assets.

New CEO, Michael Clarke, has been trying to turn the group’s fortunes round since his appointment in April; including cutting jobs – 5% of the workforce – and even offering a wine fridge with every purchase of six bottles of Penfolds.

Penfolds recently teamed up with French retailer Nicolas in an effort to boost its distribution in France.

Leave a Reply

Your email address will not be published. Required fields are marked *

Subscribe to our newsletters

Job vacancies

FINE WINE SALES ADMINISTRATOR

Davy's Wine Merchants
London, UK

Business Development Manager - On Trade

FINE+RARE
Central London, GB

Regional Sales Manager

Swallow Associates Ltd
Home Based: North-West England, UK

London Account Manager Role (Full Time)

LITTLE BIRD GIN
Home based with UK travel. , GB

Sales Operations Manager

Bibendum PLB
London, UK

Digital Marketing Executive (online content & community manager)

Corney & Barrow Limited
London E1W (near Tower Bridge), UK

Store Manager – Premium Drinks

Amathus Drinks PLC
London, UK

On-Trade Regional Sales Manager

Anthony Byrne Fine Wines
London and the South East, UK

Wine Sales – Northwest England

Gerrard Seel
North West England

Senior On-Trade Sales Manager – English Sparkling Wine Company

COREcruitment
London based with national travel, UK

National Account Manager – RTM – On Trade

COREcruitment
Home based with frequent UK travel

Sales Account Manager - Wine

COREcruitment
London, Devon, Manchester, Liverpool, Farnham, Cambridge, UK

The Global Sparkling Masters 2017

Deadline : 14th June 2017

The Global Syrah Masters 2017

Deadline : 14th June 2017

The Global Malbec Masters 2017

Deadline : 14th June 2017

The Global Beer Masters 2017

Deadline : 1st August 2017

Click to view more

Global Chardonnay Masters 2016

Now in its fourth year, the competition will identify the best Chardonnay from all around the world in every price range.

The Asian Cabernet Sauvignon Masters 2017

the drinks business Hong Kong announces its first year of The Asian Cabernet Sauvignon Masters.

Rioja Masters 2016

Now in its fifth year, the competition will recognise and reward the finest Riojas on the world stage.

Fortified Masters 2016

Now in its third year, The Fortified Masters will reward the best fortified wines on offer.

Click to view more