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US winery bids for Evans & Tate

Published:  23 July, 2008

The US arm of Yarraman Winery is to make a bid for Western Australian wine company Evans & Tate.

This is the third time a bid has been made for the struggling producer. Evans rejected an offer by wine producer Ferngrove in June 2007.

It also rejected an AUS$148.3million offer by Yarraman Estates; the Australian arm of the US winery earlier this year, citing it did not believe the company had enough financial back up.

Evans & Tate then announced a capital restructure with its financial backer, the ANZ Bank, to which it owes AUS$100m.

The current bid by Yarraman will be based on a vending of its assets into Evans & Tate.

The offer is understood to include merging its 1700-tonne Hunter Valley winery and two vineyards in New South Wales with Evans & Tate's Margaret River winery and vineyards and its leased Oakridge winery in Yarra Valley

Yarraman is believed to be holding "ongoing" talks with ANZ about the offer.