Jim and Rose Delegat say the success of the family company's bid for Oyster Bay Marlborough Vineyards made yesterday "a great day of celebration". Picture / Paul Estcourt
Winemakers Jim and Rose Delegat swirled their glasses in Auckland yesterday, sniffed the passionfruit and lemon blossom aroma, and celebrated the sweet taste of success.
Their family-owned wine company, Delegat's, had defeated Marlborough businessman Peter Yealands in the battle for Oyster Bay Marlborough Vineyards.
"It's a great day of celebration,"
said managing director Jim Delegat, with his sister at the Delegat's waterfront office after the takeover offer topped the target of 50.1 per cent.
With the deadline for acceptances weeks away, Delegat's had secured 51.66 per cent.
"This early, early result for Delegat's is a strong endorsement of the existing relationship between Delegat's and Oyster Bay," Jim Delegat said.
His next focus: The Delegat's share float planned for the final three months of this year.
But down south, Yealands - a mussel farming pioneer and, like the Delegats, a feature of the National Business Review's Rich List - denied the race was over.
He had a live complaint with the stock exchange - the details under wraps because of a confidentiality agreement - and had also yesterday made a fresh submission to the Takeovers Panel.
It was also wrong, he said, to assume he would exit as a shareholder if Delegat's won.
The vineyard battle has featured the claims and counter-claims usual in a takeover dust-up - including Yealands' dispute with Oyster Bay's independent directors over terms of access to company information.
At $4 a share, Delegat's will be paying more than $6 million to secure control. That price - offered to match what Yealands hoped would be a "king hit" bid - values the NZAX-listed company at $36 million.
After the offer closes on September 19, the acceptances in excess of Delegat's target will be scaled back.
Oyster Bay Marlborough Vineyards listed in 2003 and owns three vineyards in the Wairau Valley - Oyster Bay, Fault Lake and Wairau River - totalling 539ha.
