| By business editor Ian Verrender The bid for Penfolds has suddenly turned into an auction after a second private equity group expressed interest in the company. Treasury Wine Estates, the company behind the nation's most recognised winemaker, announced this morning another private equity group - believed to be American group TPG - had expressed interest in pitching a $5.20-a-share offer. The new bid matches last week's $3.4 billion preliminary offer from Kohlberg Kravis Roberts (KKR) and Rhone Capital. Treasury has granted both consortia access to its books, increasing the chance at least one will make a firm offer at the nominated price. More » |
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