Delegats wins control of Oyster Bay

Delegats Wine Estate has won the hotly-contested battle for control of Oyster Bay Marlborough Vineyards (OBMV).

In a substantial shareholder notice filed to the New Zealand Stock Exchange this morning, Delegats said it has secured a 51.66 per cent stake -- just above the 50.1 per cent it was seeking.

Delegats has been locked in a tense battle with Seddon grape grower Peter Yealands for control of the vineyard.

Both were offering $4.00 per share -- well above an independent valuation which gave a base case price of $3.02.

The shares last traded unchanged at $3.42.

The pair have been embroiled in a bitter tussle for OBMV which has included a war of words, accusations of unfair treatment and repeatedly outbidding each other.

With Delegats' stake creeping close to 50 per cent in recent days, Mr Yealands faced an uphill battle to get the 51.1 per cent he was after as he would need acceptances for nearly all shares not committed to either offer to be successful.

Today's announcement effectively ends the stoush, and leaves Mr Yealands with a little under 17 per cent of Oyster Bay.

Mr Yealands has previously said he would sell his shares, if his offer was unsuccessful.

- NZPA