Published 17 January 2006
Delegat’s Wine Estate Ltd achieved majority control of Oyster Bay Marlborough Vineyards Ltd again today, this time without protest.Delegat’s said it had 52.53% of Oyster Bay, nearly 20% bought at $6/share. Delegat’s originally made a bid for Oyster Bay in September at $4/share, but faced a competing bid from Peter Yealands Investments Ltd.
It eventually had to lodge a new bid in December after the Takeovers Panel concluded that Oyster Bay’s target company statement didn’t comply with the Takeovers Code, by omitting information relating to the value of Oyster Bay’s vineyards, and Justice Forrest Miller declared the Delegat’s bid void.
Mr Yealands accepted the $6 offer in December and there was no other new protest.
18 December 2005: Yealands accepts $6 as Delegat’s looks at Oyster Bay bid success
28 November 2005: Court declares Oyster Bay bid void
9 October 2005: Judge rules in Takeovers Panel’s favour, against Delegat’s
14 September 2005: Takeovers Panel to look at Oyster Bay vineyard valuations complaint
Attribution: Company statement to NZX, own files, story written by Bob Dey for this website.