Yealands sells Oyster Bay stake

Peter Yealands has sold the last of his stake in Oyster Bay Vineyards to give Delegat's an 80 per cent stake in the company as its takeover offer closed last night.


Yealands - who lost the intense bidding battle for majority control of Oyster Bay - sold 6.7 per cent yesterday.

Delegat's paid $4 a share to get control. If it reaches 90 per cent once final acceptances are counted, it will have the right to compulsorily acquire the remaining shares.

The Takeovers Panel meets tomorrow to discuss whether Oyster Bay failed to disclose material information regarding the market value of its vineyards.