Treasury Wine Estates Limited (ASX:TWE) has scored a new sweetened takeover bid from Kohlberg Kravis Roberts and Co and Rhone Capital.
The US led consortium is offering Australia’s largest listed wine maker $5.20 per share, which is up $0.50 from an original offer of $4.70.
Treasury Wine Estates rejected the first bid in May in favour of continuing with CEO Michael Clarke’s plans to improve company performance.
Following the latest offer Treasury Wine Estates has decided to engage with its suitors and open its books for due diligence.
Any transaction remains subject to conditions such as the completion of due diligence to the satisfaction of the bidders and the unanimous backing of the bid from the Treasury Wine Estates' board.
Treasury Wine Estates reported a net profit of $107 million in the first half of the 2014 financial year.
