Alert: Fosters Rejects $2.5 Billion Offer for Wine Biz

Dear Client: Foster's Group issued a statement this evening saying that it "rejected" an "unsolicited expression of interest" to acquire Treasury Wine Estates. They only said the offer came from "an international private equity firm" but did not name any names. The proposal is for a cash consideration of between $2.1 billion and $2.5 billion (A$2.3 billion and A$2.7 billion) for 100% of the assets. The Board determined that current plans to demerge the wine business from the beer business