Australia's Treasury Wine jumps on KKR bid

SYDNEY Mon May 19, 2014 9:32pm EDT

SYDNEY May 20 (Reuters) - Shares in Australia's Treasury Wine Estates jumped as much as 20 percent on Tuesday after the world's second-largest winemaker by sales rejected a $2.9 billion bid by KKR and Co LP as too low.

Treasury shares traded as high as A$4.88, topping the A$4.70 per share offer it rubuffed from KKR. (Reporting by Lincoln Feast; Editing by Anand Basu)