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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