Shares
in the world's biggest listed winemaker, Australia's Treasury Wine Estates
(TWE), have plunged after it rejected two separate multi-billion takeover
offers.
TWE
said that the two offers - both worth A$5.20 (£2.80) a share or A$3.4bn
(£1.88bn) - "undervalued the company".
One
of the bids was from US private equity giant KKR and partner Rhone Capital,
with the second from an unidentified firm.
TWE
shares fell 13%.
"It
is now apparent to the company that the bidders are not able to support a
transaction on terms and at a price acceptable to the board," TWE added.
TWE
said it had discussed the offer with shareholders holding around 50% of the
firm's shares.
The
firm owns brands such as Wolf Blass, Rosemount and Lindeman's.
It
is also behind
