Nov. 30 (Bloomberg) -- Delegat’s Group Ltd.’s takeover of New Zealand grape grower Oyster Bay Marlborough Vineyards Ltd. may not succeed as some of the company’s 20 biggest shareholders oppose the bid, the Dominion Post reported.
Shareholders holding more than 13 percent of Oyster Bay won’t accept Delegat’s current offer of NZ$2.08 ($1.55) a share because it needs to be higher, the newspaper said, citing investor David Rankin, who holds about 3 percent of Oyster Bay.
Delegat’s has increased its Oyster Bay holding to 59.5 percent from 54.9 percent when it launched its takeover bid, the Wellington-based Post said. The company needs to acquire 90 percent of Oyster Bay shares to succeed in its takeover bid and acquire the remaining shares, it said.
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