Delegat's reaches takeover target

Delegat's has reached the minimum acceptance level from its partial takeover offer for Oyster Bay, which closed last Friday.

Delegat's was seeking a 50.01 per cent stake in Oyster Bay through its $6 a share takeover offer. The offer is subject to a number of other conditions which must be satisfied by February 22.

Delegat's has been seeking a controlling stake in Oyster Bay since last May, when it held just over 33 per cent of the company.