Seeking Alpha

KKR rebuffed in $2.85B offer for Australia's Treasury Wine

  • Treasury Wine Estates (TSRYF) has rejected a A$3.05B ($2.85B) offer from KKR (KKR), saying that the A$4.70-a-share bid undervalues the Australian vintner.
  • KKR's proposal follows a series of setbacks for Treasury, including poor U.S. sales that prompted the company to destroy thousands of gallons of wine last year.
  • "KKR is looking to split it up, (and) clean up the U.S. business for an eventual trade buyer who can benefit from synergies," says portfolio manager Will Seddon.
  • Treasury Wine closed up 18% at A$4.80 in Sydney.
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