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Your email address will not be published.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 *

Please note that comments are subject to our posting guidelines in accordance with the Defamation Act 2013. Posts containing swear words, discrimination, offensive language and libellous or defamatory comments will not be approved.

Subscribe to our newsletters

2 x Buying Assistants

Berry Bros. & Rudd
Battersea and Basingstoke, UK

Temporary Christmas Sales Support - Wines & Spirits

Harrods
Knighsbridge, London, UK

Head of Wholesale

Hispamerchants Ltd
London, UK

Sales Manager

Hispamerchants Ltd
London, UK

National Sales Manager

Maverick Drinks
Field based, UK

Regional Sales Executive

EWGA
Gloucestershire, UK

Senior Content Writer

Rude Wines
Ledbury, UK

Events and Trips Manager

Berkmann Wine Cellars
London, UK

The World Bulk Wine Exhibition

Amsterdam,Netherlands
20th Nov 2017

The Drinks Business Green Awards 2017

London,United Kingdom
20th Nov 2017

The Global Spirits Masters Lunch

London,United Kingdom
1st Dec 2017
Click to view more

Green Awards 2017

Deadline : 25th October 2017

The Global Riesling Masters 2017

Deadline : 30th October 2017

Click to view more

Champagne Masters 2017

The only Champagne blind tasting in the UK, the competition will reward the best wines in the following categories:

The Global Rosé Masters 2017

With wines from the palest of pink to almost ruby red, bone dry to almost cloyingly sweet, reductively handled to barrel-aged, as well as gently spritzy to fully sparkling.

Click to view more