SUBSCRIBE

Breaking News on Beverage Technology & Markets

News > Manufacturers

News in brief

Wolf Blass bidding war? TPG makes rival $3.1bn approach to Treasury Wine Estates

Post a comment

By Ben Bouckley+

11-Aug-2014
Last updated on 11-Aug-2014 at 16:03 GMT

Wolf Blass bidding war: TPG's $3.1bn Treasury Wine Estates approach

Penfolds and Wolf Blass brand owner Treasury Wine Estates has received a second $3.1bn takeover approach from a global private equity firm reported to be TPG Capital Management.

TWE's board said in an Australian Stock Exchange (ASX) announcement this morning that it had received an "additional, non-binding and conditional proposal" from another global private equity investor that demanded anonymity.

The takeover proposal is framed on similar lines to that received by KKR and Rhone Capital seven days ago - with the same mooted price of AUD $5.20/share, which values TWE at AUD $3.38bn.

Today The Guardian cites an anonymous source identifying TPG (which previously invested in Treasury's Californian wine business Beringer) as the mystery suitor.

As with the approach from KKR and Rhone Capital, TWE's board said today it was in the shareholder interest to pursue discussions with the new investor with a view to the latter conducting non-exclusive due diligence.

Again, TWE's board will decide if any resulting offer delivers a "value proposition that is superior to the expected benefits from management's renewed strategic plans".

Click here to read about these plans in more detail ; we explored them in the wake of KKR/Rhone Capital approach last Monday.

Subscribe to our FREE newsletter

Get FREE access to authoritative breaking news, videos, podcasts, webinars and white papers. SUBSCRIBE

Post a comment

Comment title *
Your comment *
Your name *
Your email *

We will not publish your email on the site

I agree to Terms and Conditions

These comments have not been moderated. You are encouraged to participate with comments that are relevant to our news stories. You should not post comments that are abusive, threatening, defamatory, misleading or invasive of privacy. For the full terms and conditions for commenting see clause 7 of our Terms and Conditions ‘Participating in Online Communities’. These terms may be updated from time to time, so please read them before posting a comment. Any comment that violates these terms may be removed in its entirety as we do not edit comments. If you wish to complain about a comment please use the "REPORT ABUSE" button or contact the editors.

Key Industry Events

 

Access all events listing

Our events, Events from partners...