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Mon, Aug. 4, 2:14 AM
- 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.
Fri, May. 23, 3:47 AM
- Treasury Wine Estates (TSRYF) and Bright Food Group have dismissed a report that the Chinese company is in talks to buy the Australian vintner.
- The denials come after Treasury Wine rejected a A$3.1B ($2.9B) proposal from U.S. private-equity firm KKR (KKR) earlier this week.
- Treasury has also dismissed reports recently that it has received separate approaches from Constellation Brands (STZ) and France's Pernod Ricard (PDRDY) for Treasury's U.S. operations.
Tue, May. 20, 3:33 AM
- 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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TSRYY vs. ETF Alternatives
Managed as four regional businesses in Australia and New Zealand, The Americas, Europe, Middle East & Africa and Asia, Treasury Wine Estates is a unique international premium wine business with a leading international portfolio of new world wines.
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