KKR improves bid for Australia's Treasury Wine

KKR (NYSE:KKR) has raised its bid for Australia's Treasury Wine Estates (OTCPK:TSRYF) to $3.15B, lifting its bid price 10.6% to A$5.20 per share.

Treasury Wine Estates rejected an earlier $2.85B bid in May stating the offer was too low.

The Australian wine industry has been struggling through volatile market conditions and a high currency in recent years, which has greatly affected Treasury's operations.

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