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Delegat’s secures control of Oyster Bay
Delegat’s secures control of Oyster Bay
By Paul McBeth
Dec. 14 (BusinessDesk) – Winemaker Delegat’s Group has won over shareholders in Oyster Bay Marlborough Vineyards, reaching the 90% target for compulsory acquisition.
Oyster Bay, which relies on Delegat’s to buy its grapes, was under pressure for the takeover tilt to succeed, as it only had until the end of the year until the waiver for breaching bank covenants expired. Today was the last day of the offer, which has gone unconditional.
Delegat’s, which owned 55% of Oyster Bay before making its takeover offer, paid $2.08 a share for the rest of the grape grower, valuing the target company at $18.7 million. The shares last changed hands last month at $1.85 and were as low as $1.40 in August.
After Delegat’s upped the offer by 23 cents a share last month, Oyster Bay’s board gave the bid the thumbs up.
The offer price is at the top end of an independent valuation range and 30% above the pre-announcement share price.
Shares in Delegat’s were unchanged at $1.94 in trading today.
(BusinessDesk)
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