Delegat’s Goes through 90% And Declares Offer Unconditional
14 December 2010
Delegat’s Goes through 90% And Declares Offer Unconditional
Delegat’s Wine Estate Limited (“Delegat’s”) today notified the NZX that it now has acceptances under its takeover offer sufficient to move its holding in Oyster Bay Marlborough Vineyards Limited (“Oyster Bay”) to greater than 90% and it has waived all other conditions of its offer. Accordingly, the Delegat’s offer is now unconditional. The Delegat’s offer is due to close at 5pm today.
Those shareholders who have accepted the Delegat’s offer should receive their $2.08 cash or one Delegat’s Group Limited (“DGL”) share for every Oyster Bay share sold by 21 December 2010.
Delegat’s will now seek to compulsorily acquire the outstanding shares in Oyster Bay that it does not own. Delegat’s will issue an acquisition notice under the Takeovers Code whereby the remaining shareholders will be given the option of accepting $2.08 cash or one DGL share for each Oyster Bay share under the compulsory acquisition process. Those who do not choose a preference will receive one DGL share for every Oyster Bay share they own. Settlement under the compulsory acquisition process will not occur until after Delegat’s has sent its acquisition notice, which must be sent by Delegat’s not later than 30 days after today.
Ends