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TPG makes rival $3.1 bln takeover bid for Australia's Treasury Wine -source
August 11, 2014 / 1:40 AM / 3 years ago

TPG makes rival $3.1 bln takeover bid for Australia's Treasury Wine -source

HONG KONG, Aug 11 (Reuters) - Global private equity firm TPG Capital Management has submitted a takeover approach for Australia’s Treasury Wine Estates Ltd, matching a rival $3.1 billion bid, a person with direct knowledge of the matter told Reuters on Monday.

Earlier, Treasury Wine said it had received a new takeover approach, without disclosing the name of the suitor, following a bid received last week from private equity giant Kohlberg Kravis Roberts & Co LP and Rhone Capital LLC.

TPG has started due diligence on Treasury Wine after deciding to submit an approach over the weekend, the person added.

An external spokeswoman for TPG declined to comment. (Reporting by Stephen Aldred; Editing by Denny Thomas and Kenneth Maxwell)

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