12 Nov 2010

Delegats improves offer to struggling grape grower

8:57 pm on 12 November 2010

The winemaker, Delegats Group, has upped its offer for the loss-making grape grower, Oyster Bay Marlborough Vineyards.

Delegats already owns 55% of the company and had originally offered to buy the remainder for $1.80 per share, but on Friday lifted that to $2.08 a share.

That's 22 cents higher than Oyster Bay's closing shareprice when its shares last traded, in early November.

Oyster Bay's independent directors say the new offer is compelling, and they will unanimously recommend shareholders accept it.