NZ: Delegat's to launch new Oyster Bay offer
The battle for control of the New Zealand winemaker Oyster Bay Marlborough Vineyards looks set to reignite. According to a report in today's (13 December) New Zealand Herald, Delegat's Wine Estate is to launch a NZ$5-per-share bid to acquire the winemaker.
The move follows a ruling by New Zealand's High Court last month that cancelled Delegat's Wine Estate's partial takeover offer for Oyster Bay. The High Court issued a judgement declaring Delegat's bid void.
Oyster Bay and Delegat's had been in dispute with the country's Takeovers Panel, which had accused Oyster Bay of omitting information about the market value of its vineyards that could have affected its shareholders' decision to accept Delegat's offer, worth NZ$4.00 (US$2.80) per share. The panel subsequently filed with the High Court, and issued a restraining order on Delegat's offer.
The new bid from Delegat's is likely to face competition from previous rival bidder Peter Yealands, who has already said he will offer NZ$4.50 or more for the vineyards by Christmas.
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