SYDNEY, Sept. 29 (Xinhua) -- Australia's biggest wine maker Treasury Wine Estates on Monday rejected a 3.4 billion Australian dollar (3 billion U.S. dollars) buyout of the company.
Private equity firms Kohlberg Kravis Roberts and TPG Capital had offered 5.20 Australian dollars (4.50 U.S. dollars), but management and shareholders considered this price too low.
Treasury chairman Paul Rayner said on Monday after extensive consultation with both private and institutional shareholders, a vast majority said to reject the offer.
"These discussions provided a forum for these shareholders to express a view on the proposals, with clear feedback from almost every one of these shareholders indicating that they believed a price of 5.20 Australian dollars per share undervalued the company, " Rayner said.
|
