Treasury Wine Estates Limited (ASX:TWE) has rejected a cash offer of $4.70 per share from Kohlberg, Kravis Roberts.
The company had received a confidential non-binding proposal on 16th April and held preliminary and confidential discussions with KKR.
However, the company discovered late last night that KKR advisors had let news of the deal slip to one or more shareholders and therefore confidentiality was lost.
The board of TWE says the offer is too cheap and rejected the deal in favour of continuing with CEO Michael Clarke’s plans to improve company performance. Treasury Wine Estates posted a net profit of $107 million for the full year ended 31 December 2013.
