Treasury Wine rejects takeover bid

Maker of Penfolds declines Kohlberg Kravis Roberts & Co offer of $4.70 per share.

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. 


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