A Rival Bid for Australia’s Treasury Wines

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Aug. 11 (Bloomberg) –- Bloomberg’s Paul Allen reports on an anonymous rival bid for Treasury Wines which matches a takeover bid from KKR and Rhone Capital last week. TPG Capital is said to be behind this latest offer. He speaks to Rishaad Salamat on “On The Move.” (Source: Bloomberg)

Bidding war may ensure that another suitor has emerged.

Let's go over to paul allen in sydney.

We were doing about this rival bid on the tables?

Well, the bidders want to remain anonymous.

The media has decided that tpg, quoting my favorite source, those familiar with the matter.

The mistry firm, let's call it that, has said there is no certainty that it will result in an offer.

Its proposal is conditional on a number of matters.

They are offering $5.20 a share.

It is not the same as kkr and ronan offered last week.

Kkr is doing to children's. the offer at $3.2 billion.

That is an improved offer from one they put on the table back in april of $4.70 a share.

That is an 11% increase.

Now we have two offers on the table at $5.20. even though there is private equity firms think their offer is fair value, the market thinks something different.

Shareholders may well be anticipating a rather enjoyable bidding morwar.

No great news for shareholders.

That is something of an understatement.

The bad news was flowing much like the wind at treasury at the start of the year.

That annual chart really does tell the story.

If you look back in january, that is when the bad news really hit to do with these impairments.

In 2013 they suffered 160 million in write-downs.

They were beleaguered with oversupply issues.

They had to dump stock quite literally digging a large hole in the united states and pouring the wine into it.

Things have since improved since the bids are put on the table.

If you look at the big bump they got in april when the kkr bid was first announced.

It traded considerably higher than that.

Ever since.

Now we have it parked at five

This text has been automatically generated. It may not be 100% accurate.


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