Australian winemaking firm Treasury Wine Estates has received a revised $3.15bn buyout proposal from Kohlberg Kravis Roberts (KKR), an American private equity investment firm.

KKR initially announced plans to buy Treasury Wine Estates in a $2.9bn deal. However, the deal was rejected by the latter.

The proposal from KKR was rejected as it did not meet Treasury Wine’s renewed plans and does not reflect the fundamental value of the company.

According to the company, the revised proposal reflects an increase of $0.50 from the $4.70 cash per share proposal of KKR dated 16 April 2014.

Upon completion, the transaction is expected to boost consumer marketing investment in Treasury Wine’s brands.

In addition, the company will focus on commercial brands separately from the luxury & masstige portfolio in Australia.

Treasury Wine Estates is engaged in the viticulture and winemaking, as well as markets, sells, and distributes wine in Australia, New Zealand, Europe, the Middle East, Africa, the Americas, and Asia.

The company is currently focusing on improving brand prioritisation and investment, addressing structural challenges facing the business and reducing overhead costs.