![]() ![]() ![]() ![]() While the two proposals are identical, Treasury is allowing both rivals to do due diligence simultaneously in the hope of speeding up the process. Investors in Sydney had previously speculated on whether leading trade players, like China's Bright Food Group Co Ltd, France's Pernod Ricard (PERP.PA) and the world's biggest wine maker, U.S.-based Constellation Brands Inc (STZ.N), could be potential buyers for Treasury. That effectively ended its previous stance that its best option for the future was an efficiency drive under new chief executive officer Mike Clarke. Treasury said last week it would allow KKR and Rhone access to its books for due diligence following their higher offer. 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. Goldman Sachs (GS.N), which is advising Treasury, declined to comment. A Treasury spokesman told Reuters the second suitor made its approach over the weekend and asked not to be named. In a statement on Monday, Treasury said it will offer the second suitor time to undertake due diligence exercises to progress with its bid, which values the company at A$3.377 billion ($3.13 billion). Treasury has been viewed as ripe for a takeover since late 2013 when it warned of massive writedowns, citing problems in U.S. TPG has already started due diligence on Treasury after reaching a decision to make an approach over the weekend, the source added. Treasury declined to comment further on the second bidder's identity. The buyout firm behind the second proposal was TPG, said the source, who had direct knowledge of the matter but could not be identified as the discussions were confidential. ![]()
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