(BS) - Spurned US private equity firm Kohlberg Kravis Roberts says its $3.05 billion takeover bid for Treasury Wine Estates is fully-financed, but has urged the winemaker to allow it access to its books as the funding is dependent on the completion of due diligence, The Australian Financial Review reports.

Earlier this week, the board of Treasury Wine Estates rejected a preliminary, non-binding and conditional takeover offer of $4.70 per share from KKR saying it did not reflect the company's fundamental value and was not in the best interests of shareholders.

The offer from KKR was at a 15 per cent premium to Treasury's closing price on Monday of $4.07.

In the wake of the rejection, DataRoom revealed that Treasury Wine and its adviser Goldman Sachs were awaiting a higher bid from KKR. 

According to the AFR, Treasury chief executive Mike Clarke and the group's directors are refusing to budge on granting access to their books, as they prepare to begin axing 175 staff early next week in a bid to cut the winemaker's costs.

The newspaper reports Mr Clarke and the board spent much of yesterday locked in a meeting, as the group comes under pressure to secure support from shareholders after it was revealed KKR had secretly approached key Treasury investors about its proposed offer.

Analysts have encouraged Treasury to engage with KKR, which is said to be growing frustrated by the lack of co-operation from its target.