Penfolds' parent company is the financially troubled Treasury Wine Estates. It has just posted a full year loss of $100 million, at a time when two global private equity funds KKR and TPG Capital have made competing $5.20-a-share bids, valuing TWE at $3.4 billion.
Treasury has 11,000 hectares of holdings on three continents and 83 labels in its stable, but the jewel in its crown is Penfolds, the high end Barossa Valley brand which generates more than half the company's earning ahead of its other noted labels Wolf Blass, Lindemans, Wynns and Rosemount.
Barossa locals are eyeing the corporate manoeuvres with cautious optimism. The Barossa Grape and Wine Association's James March said Treasury has a big footprint in the Barossa, and any changes could have a flow on effect throughout the region, from grape growers to allied industries like bottling and transport.
Despite the pressure on Treasury to pull its books back into the black, he doesn't think there'll be significant changes to its Barossa operations.
"People are keeping a watchful eye on it – Treasury has over time had various changes in its corporate ownership but what hasn't changed is what's in the bottle," said Mr March.
Local farmer and business identity Jan Angas agrees.
"It's really important that we welcome them in with expressing 'this is what we're about, this is what's made us a valuable region or type of business that we run', so to try to imprint what's important to us on whoever's coming in," she said.
"You can't be smug about it and say if they fall over we've got the whole world to ourselves. It doesn't happen that way."
"It's not about shutting them out, it's about welcoming them in and saying these are thing that are important to our region and these are the brand values that we need to maintain, otherwise it's not worth anything to anyone."
"The point is that's why they're interested in us in the first place and I think we have seen a number of buy-ins and takeovers by various shareholder franchise people and we've seen them come and go, and those that don't take on the essence of what the Barossa is, don't seem to last."
Fifth-generation family winemaker Stephen Henschke is the custodian of the famed Hill of Grace vineyard. There aren't many Australian wines that can boast the kind of critical acclaim that Grange has achieved, but the Hill of Grace is one.
Australia needs icon brands. We want those brands to stay strong
One might think Stephen Henschke would welcome pressure on Penfolds as an opportunity to bolster his own fortunes, but in fact the opposite is true. Even this competitor wants to see his rival thrive.
"So hopefully wherever it goes, whoever buys it will look after those brands and cherish them and make an effort to maintain the quality rather than just milking those brands," he told SBS.
"You can't be smug about it and say if they fall over we've got the whole world to ourselves. It doesn't happen that way."
"Australia needs icon brands. We want those brands to stay strong, because we want people to treasure the fact that Australia has some of the oldest vines in the world, we make some of the most beautiful wines in the world and probably we're one of the hidden secrets of the world," said Mr Henschke.
Mr Andrewartha is the proprietor of Adelaide's upmarket east End Cellars. He thinks Treasury has suffered from poor management and a change in ownership could mean a change for the better.
"I think fantastic for the brand and the Barossa, although the sale of the farm is a sad thing if it goes offshore, it's be good for the Barossa, good for the wine industry, and give the company the shot in the arm they need to lift sales and profile in Australia," he said.
"It's always disappointing when (we lose) some of our iconic brands and brands that are very close to our hearts."
"With new management and new capital injection, they'll be able to look after the smaller independent retails and small boutique, great restaurants in town; at the moment now they're sort of focusing on the big two Coles and Woolworths and lost their way a bit with the small independent retailers, which make up a significant percentage of the market."
Adelaide University wine industry analyst Roberta Crouch believes if you've got something good, you're going to get people around the world looking at it and wanting it.
"It's always disappointing when some of our iconic brands and brands that are very close to our hearts and have some historical significance for us, it's a shame to lose those," she said.
"But I think the opportunity is we have private equity organisations looking at the takeover here, they'll be using their own money, they will obviously be looking at investing and if there's stronger overall financial performance for the group that's good for everybody."
She thinks while the company's likely to pursue efficiencies, the Barossa is likely to be shielded from the worst.
"The most important brands reside here in South Australia, and they're important to the industry because they have international profiles."
"Those assets are pretty priceless really, and so we're well placed here in South Australia - should new owners come in - in that they are very likely to take very good care of those brands and the assets that reside within those brands, and so that's good for us."
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