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TPG Said to Match KKR’s $3.2 Billion Offer for Treasury Wine

U.S. buyout firm TPG Capital offered A$3.4 billion ($3.2 billion) for Treasury Wine Estates Ltd. (TWE), according to a person familiar with the matter, matching a takeover bid by KKR & Co. (KKR) and Rhone Capital LLC.

A global private equity firm made a non-binding, A$5.20 cash-per-share offer for the maker of Penfolds Grange and asked that its identity be kept confidential, Treasury Wine said in a filing today. The unidentified bidder is TPG, the person said, asking not to be named because the details are private.