The Wolf Blass, Lindeman’s and Penfolds producer said it discussed the bids with shareholders and they decided the offer of £2.79 per share undervalued the company.
TWE said: “It is now apparent to the company that the bidders are not able to support a transaction on terms and at a price acceptable to the board.”
It previously turned down a bid fro KKR and Rhone in May, and rejected them once more, along with another bidder, today.
Michael Claire, chief executive at TWE, said he thinks it is now over and no further bids will be tabled.
Morningstar analyst Daniel Mueller, an analyst with Morningstar, cast doubt on TWE’s ability to grow as a standalone company.
He said: “Management is saying all the right things today, but it is a really tough industry and two previous management teams at Treasury also had optimistic messages and failed to deliver.”