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Treasury rejects KKR takeover offer
Published:  20 May, 2014

Treasury Wine Estates has rejected an AUS$3.05 billion (US$2.85 billion) takeover bid from Kohlberg Kravis Roberts & Co (KKR).

The US private equity firm offered A$4.70 per Treasury share, representing a 15% premium to its closing price Monday of A$4.07.

News of the bid sent shares in Treasury, the owner and producer of the iconic Penfolds brand best known for its Grange blend and premium Californian brand, Beringer brand, up 19% and above the offer price.