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Treasury Wine Estates has rejected an AUS$3.05 billion (US$2.85 billion) takeover bid from Kohlberg Kravis Roberts & Co (KKR).
The US private equity firm offered A$4.70 per Treasury share, representing a 15% premium to its closing price Monday of A$4.07.
News of the bid sent shares in Treasury, the owner and producer of the iconic Penfolds brand best known for its Grange blend and premium Californian brand, Beringer brand, up 19% and above the offer price.
In April it was announced that Ben Branson’s Pollen Projects, the parent company of his Sylva and seasn non-alcoholic brands, had joined UK distributor Speciality Brands. Off the back of this news, Branson offers advice aimed at those seeking distribution.
