The takeover of Nobilo Wines by majority shareholder BRL Hardy looks imminent after the Australian wine producer upped its shareholding to 40 per cent yesterday.
BRL bought a 15 per cent parcel of shares from retreating stakeholder Emerald Capital for $1.05 on Friday after both the Nobilo andVieceli families waived their pre-emptive rights to a share of the Emerald stake.
Nobilo Wines chairman David Irving confirmed that the company had received a restricted transfer notice signalling BRL's "intention to possibly purchase up to 100 per cent of the shares in the company."
The Nobilo family issued a statement saying that after some "soul searching," it had decided it was "not in a financial position" to purchase more shares.
Both the Viecelis and the Nobilos are soon expected to be in discussions with BRL to negotiate a price for their remaining holdings of 29 and 9 per cent respectively.
Mr Irving and independent director Kerry Hitchcock have formed a subcommittee to deal with matters arising from the restricted transfer notice on behalf of minority shareholders, while major shareholders will instigate an independent evaluation of selling to BRL.
In April, BRL Hardy spokesman John Wheelan said the company was not considering a takeover of Nobilo.
"The operation is running very nicely and we have no plans to absorb it," he said.
