Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Panel Returns To Court On Oyster Bay Takeover

26 October 2005

Takeovers Panel Returns To Court On Oyster Bay Takeover

The Takeovers Panel has today filed a further application in its Wellington High Court proceedings relating to the partial takeover offer by Delegat’s Wine Estate Limited for 50.1% of the shares of Oyster Bay Marlborough Vineyards Limited.

The Panel is asking the Court to make several orders under sections 34 and 36 of the Takeovers Act 1993, including orders that would:

- require Oyster Bay to distribute a correcting statement, in a form approved by the Panel, to shareholders who had accepted Delegat’s offer;

- require Delegat’s to supply information in a form approved by the Panel to those same shareholders; and

- give those accepting shareholders 14 days to reconsider their acceptances of Delegat’s takeover offer.
Delegat’s and Oyster Bay are expected to consent to the Court orders the Panel is seeking.

If the number of shareholders who revoke their acceptances is such that Delegat’s would not gain control of more than 50.1% of the voting rights in Oyster Bay, the takeover offer would fail. If the level of acceptances exceeds 50.1% at the end of the process, then the takeover offer would succeed and Delegat’s would pay out accepting shareholders after scaling.

Peter Yealands Investments Limited and Mr David Rankin, parties to the proceedings, are asking the Court to cancel or make void the Delegat’s offer so that the takeover process can restart.

The Panel is submitting to the Court that starting the takeover process again is not warranted in the circumstances of Delegat’s offer.

The Panel is seeking an urgent Court hearing so that the outcome of the takeover can be settled without undue delay. Oyster Bay is currently due to hold its annual general meeting on 25 November 2005. It is important that control of voting rights is clearly established before that meeting.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

ScoopPro: Helping The Education Sector Get More Out Of Scoop

The ScoopPro professional license includes a suite of useful information tools for professional users of Scoop including some specifically for those in the education sector to make your Scoop experience better. More>>

Big Tax Bill Due: Destiny Church Charities Deregistered

The independent Charities Registration Board has decided to remove Destiny International Trust and Te Hahi o Nga Matamua Holdings Limited from the Charities Register on 20 December 2017 because of the charities’ persistent failure to meet their annual return obligations. More>>

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>

ALSO:

Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>

ALSO:

Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>

ALSO: