August 10, 2014 / 11:01 PM / in 3 years

Australia's Treasury Wine says gets rival $3.1 bln takeover bid

SYDNEY, Aug 11 (Reuters) - Australia’s Treasury Wine Estates Ltd said on Monday it had received a new takeover approach to rival the $3.15 billion bid from private equity giant Kohlberg Kravis Roberts & Co LP and Rhone Capital LLC, sparking the prospect of a bidding war for the world’s No.2 winemaker.

Treasury, the owner of the Penfolds, Lindemans and Wolf Blass brands, said it planned to offer the unnamed global private equity bidder time for due diligence to progress the A$5.20 per share bid, valuing the company at A$3.37 billion ($3.1 billion).

Last week, KKR and Rhone offered the same amount after Treasury had rejected a A$4.70 per share bid from KKR earlier this year. (1 US dollar = 1.0783 Australian dollar) (Reporting by Lincoln Feast; Editing by Sandra Maler)

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