Investors in the Australian wine group, BRL Hardy, appear to be backing the A$1.9 billion takeover bid launched by US wine group, Constellation Brands, on Friday, with shares in the Australian company rising by 11% on Monday.

Constellation's A$10.50-a-share offer, which shareholders can either take all in cash or in a combination of cash and shares, has been recommended by the BRL Hardy board.

At one stage, it seemed that other bidders for BRL Hardy might emerge but, given the high price Constellation has shown itself willing to offer, analysts now consider a counter-bid to be less likely.