Delegat’s Succeeds With Partial Oyster Bay Offer
NEWS RELEASE 9 AUGUST 2005
Delegat’s Succeeds With Partial Offer For Oyster Bay
Delegat’s has achieved success with its partial takeover offer for Oyster Bay Marlborough Vineyards Limited. It now has acceptances which, together with shares held by it prior to the offer being launched, total 51.66 percent.
“We are delighted with the outcome of the offer, and with the support it has received from so many Oyster Bay shareholders,” Delegat’s Group Managing Director Jim Delegat said.
“The result is a very strong endorsement of the relationship that exists between Delegat’s and Oyster Bay. The shareholders have demonstrated that they support this relationship, on which Oyster Bay was founded six years ago.
The feedback we have received from them shows real enthusiasm for the New Zealand wine industry, and for the benefits of participating in the industry through an established winemaker with a strong global brand.”
Delegat’s offer, through its subsidiary Delegat’s Wine Estate Limited, is $4.00 each per Oyster Bay share, with a target shareholding of 50.1 percent. Under the Takeovers Code, the offer must remain open until the scheduled closing date of Monday 19 September. At the conclusion of the offer period, acceptances in excess of those required to reach the target percentage will be scaled back accordingly.
Delegat’s, established in 1947, is owned and managed by brother and sister team Jim and Rosemari Delegat. It is the largest privately owned winemaker and the third largest wine producer in New Zealand, based on industry data.
Delegat’s has announced its intention to undertake an initial public offering of its shares in the fourth quarter of 2005, and Westpac Banking Corporation has been retained to lead manage the proposed offering.