Jim Delegat has upped his offer for Oyster Bay Marlborough Vineyards by 28 cents per share– now offering to pay $2.08 for each share in the grape grower.The offer is 28 cents higher than the original offer of $1.80 when the takeover was launched la
Jim Delegat has upped his offer for Oyster Bay Marlborough Vineyards by 28 cents per share– now offering to pay $2.08 for each share in the grape grower.
The offer is 28 cents higher than the original offer of $1.80 when the takeover was launched last month and values the company at $18.7 million.
Mr Delegat’s family-owned wine company Delegat’s Group wants to buy the 45% of grape grower Oyster Bay it does not already own.
Oyster Bay shares this afternoon fetched $1.85 on the the NZAX.
Delegat’s formal offer under the terms of the Takeovers Code was made on November 5.
Oyster Bay has set up a committee of directors who are independent of Delegat's - Sandy Maier, Ruth Richardson and Mark Peters - to act for Oyster Bay and prepare the target company statement.
The committee has not made a recommendation to shareholders in relation to the Delegat's offer, reserving its formal recommendation for the target company statement.
Oyster Bay is a leading premium wine here and in Australia, the UK and Irelend and the brand is gaining momentum in Canada and the US grows grapes fro 535 hectares of vines in Marlborough – from which it also supplies Delegat’s.
