Shares value lower

Independent valuer Ferrier Hodgson has valued Oyster Bay Marlborough Vineyards at between $2.39 and $3.15 a share, against Delegat's Wine Estates' $3.20 partial bid offer price.

The valuation was in response to a $3.10/share partial bid by Peter Yealands Investments which has since been trumped by majority owner, Delegat's.

Delegat's is bidding to raise its existing 32.58 per cent stake to 50.1 per cent control.

Last month, Peter Yealands Investments offered $3.10 a share to raise its 6.7 per cent stake to 51.1 per cent.