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Asia's growing appetite for wine, the value of Treasury's Penfolds label, and an ongoing restructuring are helping turn perceptions of the company's prospects around after a horror 2013 saw Nike Air More Uptempo Low
Treasury rejected Kohlberg Kravis Roberts A$4.70 (3.26) per share bid as too low in May after Kohlberg Kravis Roberts began approaching investors directly.
If a firm offer did result, Treasury said it would Nike Uptempo Limited Edition assess whether it provided Nike Air Uptempo Blue Orange
Treasury's shares have fallen from an all time high of A$6.43 a year ago amid slashed earnings forecasts, oversupply problems in its US arm and sluggish sales in China.
The new A$5.20 offer is a 5% premium to Treasury's A$4.95 share price close on Friday.
commercial brand portfolio.
superior value to plans the company already had to cut costs and improve its performance, which included separating its Australian luxury and mass prestige portfolio from its lower value Nike Uptempo Junior Uk
Treasury, which rejected a $2.9bn unsolicited bid from Kohlberg Kravis Roberts in April, said that the 10.6% rise in the offer price meant it was now "in the interests of shareholders to engage further."
profits slump 38% in the six months to February.
Australia Treasury Wine Estates is opening its books to Kohlberg Kravis Roberts after the private equity giant hiked its takeover offer to $3.15bn (2.35bn), raising the prospect of a bidding war for the world second biggest winemaker.
"Absolutely there are (rival bidders), they've now kind of set a starting point for the price," said Shannon Rivkin, director at Rivkin Securities.
China's Bright Food Group, France's Pernod Ricard and the world's biggest winemaker, US based Constellation Brands, have all been mooted as potential buyers of Treasury.
35bn offer may spark bidding war for wine giant
Treasury, which also owns the Wolf Blass and Beringer brands, stressed it was providing Kohlberg Kravis Roberts and new bidding partner Rhone with "non exclusive" access to its books for due diligence and that there was no certainty any offer would be forthcoming.
"This is going to be the point now where anyone who has any interest will be able to have a look at the books as well."
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