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

 

Delagts Statement On Oyster Bay

Statement by Delegats Group Limited in respect of the prospective partial takeover offer for Oyster Bay Marlborough Vineyards Limited by its subsidiary Delegat’s Wine Estate Limited.

The decision of the High Court to void all the accepting contracts into the successful Delegats partial offer for 50.1% because of the shortcomings of the Target Company Statement issued by the independent directors of Oyster Bay is well known.

Having regard to the interests of Oyster Bay itself and its shareholders, Delegat’s has explored with PYIL how the control of Oyster Bay might be resolved in the interests of Oyster Bay itself and its shareholders. Delegat’s is pleased to announce therefore that agreement has now been reached with PYIL that if PYIL accepts into the partial offer which Delegat’s announced on 12 December, and provided that the Court releases PYIL from its undertaking to make an offer itself, Delegat’s would increase the price under the offer to all shareholders to $6 per share. PYIL has agreed to accept into the offer on that basis.

The price of $6 is a price which Delegat’s is prepared to pay in order to ensure certainty to Oyster Bay and its shareholders about the future control of Oyster Bay and the preservation of the visions and philosophies on which the company was founded.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>