Review of Delegat's offer

Delegat's Wine Estate, already celebrating its partial takeover of Oyster Bay, may have jumped the gun.

The Takeovers Panel said yesterday it would hold a private meeting on September 20 to determine whether Delegat's failed to disclose vital information regarding the market value of Oyster Bay's vineyards.

It said the information could have been material to Oyster Bay shareholders when making their decision whether to accept the offer.

Delegat's has been restrained from declaring its bid for Oyster Bay unconditional. It will not be able to to register the transfer of any shares obtained as part of its bid until the matter is resolved. The offer for Oyster Bay closes on Monday.

The panel said its move was in response to a submission filed by Marlborough businessman Peter Yealands, who has essentially lost his rival bid for the winery, and a complaint filed by David Rankin, an Oyster Bay shareholder.

Family-owned Delegat's has effectively won control of Oyster Bay after having secured more than 50 per cent of acceptances last month. At $4 a share, Delegat's will be paying more than $6 million to secure control.