date:May 21, 2014
Treasury Wine Estates Ltd. surged above a spurned A$3.05 billion ($2.9 billion) takeover bid from KKR Co. in Sydney trading, on speculation the worlds second-largest listed wine company will attract higher offers.
Shares of the Melbourne-based maker of Penfolds Grange jumped by a record 18% to close at A$4.80 in Sydney, compared with the A$4.70 cash offer from KKR disclosed today.
The company remains open to further engagement from the buyout firm or other investors, Chief Executive Officer M