Dividend delay as takeover fight bites

Takeover target Oyster Bay is delaying a previously announced dividend payout until a hotly contested battle for control of the vineyard is played out.

Marlborough entrepreneur Peter Yealands is suing Oyster Bay and rival bidder Delegat's Wine Estate in a new attempt to snatch control of the vineyard.

"Because of cost uncertainty of the takeover process and associated litigation, the previously announced dividend of 10c a share, to be paid on November 4, is deferred pending further clarification of the company's financial situation going forward," Oyster Bay said.