Chapel Down to remain independent following strategic review [Yahoo! Finance]
TREASURY WINE EST S/ADR (TSRYY)
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Source: Yahoo! Finance
In June, the sparkling wine maker said it would “consider all alternatives” including “a sale of the company” as it undertook “a strategic review of the options”. The following month, Australia's Treasury Wine Estates brushed off reports that had suggested it was looking to buy Chapel Down. Following assessment of “a number of opportunities”, the English winemaker concluded on Friday (25 October) that "there were no transactions that would create superior long term shareholder value". Consequently, the group is "no longer in an 'offer period' as defined in the Takeover Code". In a statement, the company said: “The Chapel Down Board and team, have great confidence in the continued growth of the English wine region, which is underpinned by the quality of the wines being created. Alongside the announcement, the winemaker noted that it expects its 2024 harvest to yield quality similar to the 2019 vintage, but with lower volumes as against 2023 and the five-year average. Chape
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