Penfolds owner Treasury Wine Estates has rejected a takoever offer from a private equity group that valued its wine business at around A$3bn (US$2.78bn).
Private equity group Kohl Kravis Roberts (KKR) has offered to buy Treasury for A$4.7 per share. But, the news sent Treasury's share fee up by 18% on the Australian stock exchange today (20 May), to close the day ahead of the bid at A$4.8 per share.It is the third time in a month that Treasury has to deal with market speculation about a possible sale, but this is the first time that it is known to have received a formal approach from a potential suitor.KKR had requested confidentiality, but the Wolf Blass wine producer said it chose to go public over the bid after it exposed that the private equity firm had been canvassing for support amongst Treasury shareholders.'The board has considered the KKR proposal in the context of these renewed plans
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