Treasury Wine rejects takeover bid
- {{x.value}}
{{ twilioFailed ? 'SMS Code Failed to Send…' : 'Enter verification code' }}
{{ completedStep1 ? 'Authentication & Security' : content.trialHeading.replace('{0}', user.FirstName) }}
{{ content.upgradeHeading.replace('{0}', user.FirstName) }}
The email address you entered is registered with InvestSMART
Please login to continue
We have sent you an email with the details of your registration.
Looks you are already a member. Please enter your password to proceed
{{ upgradeCTAText }}
Updating information
Please wait ...
Your membership to InvestSMART Group recently failed to renew.
Please make sure your payment details are up to date to continue your membership.
Having trouble renewing?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
You've recently updated your payment details.
It may take a few minutes to update your subscription details, during this time you will not be able to view locked content.
If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in.
Still having trouble viewing content?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
Please click on the ACTIVATE button to activate your Intelligent Investor 15-day free trial
Please click on the ACTIVATE button to finalise your membership
Unsuccessful registration
Registration for this event is available only to Eureka Report members. View our membership page for more information.
Registration for this event is available only to Intelligent Investor members. View our membership page for more information.
- You are already registered for this event.
- This event is already full.
- Please select a quantity for at least one ticket.
- {{ i }}
Forgotten password
Please enter your email address below to request a new password
- Verify your email address by clicking on the link we sent to {{user.Email}}
- You now have free access, we look forward to helping you on your financial journey.
The board of Treasury Wine Estates (TWE) said it has rejected a preliminary, non-binding and conditional takeover bid of $4.70 per share from Kohlberg Kravis Roberts & Co.
TWE said the offer does not reflect the company's fundamental value and is not in the best interests of shareholders.
The offer was worth some $3.05 billion, according to calculations by Bloomberg.
KKR requested the proposal be kept confidential, TWE said, since it was first received on April 16. The two parties then entered discussions on the offer.
But TWE learned on Monday that KKR had approached "one or more" of Treasury's shareholders, so the company decided to reveal the proposal before it was leaked.
In a separate statement, Treasury Wine said it is cutting jobs to help fund a new marketing drive aimed at turning around its financial woes.
The cost-cutting drive is expected to save $35 million in fiscal 2015, mainly through cutting full-time jobs. It said the cuts would affect “all regions and all functions”.
The cost-cutting initiative will result in a one-off item in fiscal2014 of up to $35 million.
Chief Executive Michael Clarke said trading conditions for Treasury continue to be difficult in an intensely competitive environment.
The company owns over 80 brands, has operations across the world, and employs more than 3,500 wine makers, sales and distribution staff.
Call 1300 880 160
Start a chat
Schedule a call
