Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Oyster Bay Shareholders Oppose Delegat’s Takeover, Post Says

Don't Miss Out —
Follow us on:

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.

To contact the reporter for this story: Phoebe Sedgman in Wellington at psedgman2@bloomberg.net.

To contact the editor responsible for this story: Iain Wilson iwilson2@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.