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Delegat's wins Oyster Bay battle

Published:  23 July, 2008

Delegat's has finally secured control of fellow New Zealand winery Oyster Bay Marlborough vineyards after a protracted takeover battle.
Delegat's had to almost double its original takeover offer of NZ$3.10 to NZ$6 a share, with the takeover taking around nine months from offer to completion. Delegat's owned 33% of Oyster Bay prior to its takeover offer and became embroiled in a bidding war with fellow shareholder Peter Yeatlands for control of the company.
Delegat's is New Zealand's third-largest producer and is fully owned by the Delegat family. The company is now expected to list on the New Zealand Stock Exchange, with an estimated value of around NZ$220m-375m.
The Delegat family is expected to sell down its holding to 65%.

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