The battle for Golden State Vintners has seen yet another bid entered. Following The Wine Group upping its offer earlier this week to US$7.75 a share, the group led by GSV's chief executive Jeffrey O'Neill yesterday raised its bid with the help of the world's largest wine company, Constellation Brands.

The new bid from the group now stands at $7.80 a share, or $77m, plus the assumption of $29m of debt.

According to a filing to the Securities and Exchange Commission released yesterday, the board at GSV has accepted the new offer. In a statement, however, the GSV board said that it was obligated to consider other bids until 22 April.

The Los Angeles Times reported today that Constellation has helped O'Neill to finance the new bid, although no specific details of Constellation's contribution were available.