The write-down comes just a month after the arrival of a new chief executive Sam Fischer and as earnings expectations weaken while drinkers steer clear of wine.
The seaweed cattle feed business will be among a string of late ASX listings this year when it debuts on Wednesday with a market capitalisation of $112 million.
The chief executive of the country’s second-largest winemaker said the company would try to sell up to 60 labels after a review of its sprawling portfolio.
The sprawling logistics operator is one of the last large infrastructure plays on the ASX, and some brokers suggest its suitor will have to increase its offer.
The building products group says its annual earnings could be 11 per cent higher than previously forecast, triggering a major rally in the share price.