Cerberus Capital is the unnamed bidder for Foster’s: The Australian
09 Sep 2010
Cerberus Capital Management, the private equity firm with over $20 billion assets under management is reportedly the unnamed bidder for Foster's wine business.
New York-based Cerberus, best known for its two failed investments in Chrysler and GMAC, is the unexpected bidder for Foster's newly-branded wine business, Treasury Wine Estates, reported The Australian newspaper today without saying where it got the information from.
Without naming the bidder, Australia's largest brewer and the world's second-largest wine maker by sales, Foster's Group, yesterday said that it has rejected an undervalued, unsolicited cash proposal worth up to A$2.7 billion ($2.5 billion) from a private equity firm for its wine assets. (See: Foster's rejects $2.5 billion takeover for wine business from unnamed private equity firm)
Citing confidentiality, Foster's had refused to name the private equity firm behind the bid for its wine business.
