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


Takeovers Panel Changes Position On Oyster Bay

Takeovers Panel Changes Position On Oyster Bay

The Takeovers Panel has today advised the Court that it has changed its view on remedies to resolve the takeover offer for Oyster Bay Marlborough Vineyards by Delegat’s Wine Estate Limited.

The Panel has decided that the remedies it had earlier sought from the Court are no longer appropriate.

The Panel changed its view after considering updated valuation information about Oyster Bay’s vineyards that was omitted from the target company statement. In the Panel’s view this was a fundamental omission.

The Panel believes that the most appropriate remedy is for the Delegat’s offer to be cancelled and for the takeover contest to start again.

It is anticipated that these issues will be resolved by the Court as a result of a further hearing on 28 November next.

In coming to this view the Panel has been mindful of an irrevocable undertaking given by Mr Yealands to make a further offer for Oyster Bay at $4.50 per share.

Earlier, the Panel held a meeting under section 32 of the Takeovers Act at which it determined that Oyster Bay had contravened the Code because of the omission of certain information from a target company statement issued on 19 July 2005. That information related to the market value of Oyster Bay’s vineyard properties on encumbered and unencumbered bases.

The Panel had decided that the most appropriate remedy for the contravention by Oyster Bay would be for shareholders who had accepted Delegat’s offer to be given the opportunity to revoke their acceptances after they had had time to consider a correcting statement issued by the independent directors of Oyster Bay and approved by the Panel.

However, the cumulative effect of the errors in the target company statement, some of which are fundamental, are such that in the Panel’s view this remedy would no longer be appropriate.

© 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>>


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>>


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>>


  • Bill Bennett on Tech