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Sunday, August 10, 2014

Australia's Treasury Wine gets rival $3.1 billion takeover approach, (NYSE: KKR)

Australia's Treasury Wine Estates Ltd said on Monday it received a second, unsolicited $3.13 billion takeover approach, from a suitor it didn't identify, setting the scene for a potential bidding war for the world's No.2 winemaker.The offer matches last week's bid from private equity giant Kohlberg Kravis Roberts & Co LP and Rhone Capital LLC. Treasury, owner of the Penfolds, Lindemans and Wolf Blass brands, has been viewed as ripe for a takeover since late 2013 when it warned of massive writedowns citing problems in U.S. operations and sliding China sales.In a statement on Monday, Treasury said will offer the second suitor, an unnamed global private equity house, time for due diligence to progress the A$5.20 per share bid, valuing the company at A$3.377 billion ($3.13 billion). A Treasury spokesman told Reuters the second suitor made its approach over the weekend and asked not to be named.Last week, KKR and Rhone offered the same amount for Melbourne-based Treasury, spun off from brewer Foster's in 2011, after the target rejected a A$4.70 per share bid from KKR earlier this year.

KKR & Co. L.P. (KKR), incorporated on June 25, 2007, is a global investment company. Shares of KKR traded higher by 0.57% or $0.13/share to $22.78. In the past year, the shares have traded as low as $18.74 and as high as $26.50. On average, 2585940 shares of KKR exchange hands on a given day and today's volume is recorded at 1517190.