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.