TWE plans 'no further action' on KKR bid

Target’s board says no plans to engage on $3bn takeover bid from KKR.

Takeover target Treasury Wine Estates has hinted it will not engage with suitor Kohlberg Kravis Roberts after its board sent a letter to shareholders explaining the rationale for rejecting the $3.05 billion unsolicited bid.

“Your board spent considerable time evaluating the proposal in the context of the company’s plans to drive growth and profitability,” TWE said in the letter.

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