The Australian listed vintner behind Wolf Blast and Penfolds said yesterday an unnamed private equity house had matched a
The unnamed suitor is believed to be
KKR - led by cousins
Treasury Wine yesterday said it will now pursue separate discussions with the rival bidder.
"The board of TWE has concluded that it is in the interests of its shareholders to engage further with this private equity investor," it said in a statement.
TPG's dealmakers will now be given access to Treasury Wine's books to conduct due diligence.
Shares in the Australian listed company closed up 3.9 per cent yesterday in anticipation of a bidding war between the two sides.
TPG has picked an opportune time to swoop for Treasury Wine after KKR was forced to sweeten its original
The bid was rebuffed but KKR hiked its offer by 10.6 per cent to
Treasury Wine had been struggling over the past 12 months and a buyout represents an opportunity to give the company more strategic momentum.
In November it announced a restructuring following a difficult period sparked by a write down in its US business. Last summer it was even forced to destroy old wine after estimating US demand.
The showdown between KKR and TPG brings together two of the industry's best known figures, Kravis and Bonderman.
Both men, who are now in their seventies, are billionaires and have pursued some of the biggest private equity buyouts in history.
They joined forces for the biggest private equity deal in history after buying
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