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NZ: Oyster Bay takeover to return to courts

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The legal battle raging around the takeover of Oyster Bay Marlborough Vineyards is still likely to be running at the end of the month after a court hearing set a fresh date for the case.

Oyster Bay and its suitor Delegat's are in dispute with the Takeovers Panel, which has accused Oyster Bay of omitting information about the market value of its vineyards that could have affected its shareholders' decision to accept the Delegat's offer. The panel subsequently filed with the High Court, and issued a restraining order on Delegat's order.

At the hearing late last week, an appeal by the Takeovers Panel for final orders was dismissed by Justice Forrest Miller. Instead he set aside 28 November for another hearing.

Justice Miller ruled that he wants additional valuation and grape price information to be presented to the court.


Sectors: Wine

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