Oyster Bay control looks settled

Delegat's Wine Estate looks to have finally gained control of Oyster Bay Marlborough Vineyards.

Oyster Bay said yesterday Delegat's had passed the minimum acceptance level in its partial takeover offer.

Delegat's was seeking a 50.01 per cent stake in Oyster Bay through its $6-a-share takeover offer.

Delegat's has been embroiled in a long takeover battle with Peter Yealands, who owned a 6.7 per cent stake in Oyster Bay when the saga began, but who has since sold his shares into Delegat's latest offer.

Delegat's seemed to have gained control of Oyster Bay in August last year but the High Court at Wellington scrapped the offer and ordered the process to start over. Oyster Bay is still compiling its target company statement.