After considering the value range in the proposal, Foster’s said that a separation of the wine business from the beer business through a demerger is “most likely to represent the best outcome for all Foster’s shareholders”.

The board said the proposed value range “significantly undervalues Treasury Wine Estates and its future prospects”.

A statement concluded: “Foster’s remains committed to the evaluation of issues, costs and benefits of a potential demerger, with work continuing to progress to schedule. However, the Board will continue to consider any proposal that is in the best interests of shareholders.”