Wine bidding battle

The bidding war for control of Oyster Bay's vineyard assets is heating up.

Peter Yealands Investments has increased its partial bid offer to $3.25 a share from an earlier offer of $3.10.

That trumps a rival bid by Oyster Bay's majority shareholder, Delegat's Wine Estate, for $3.20.

PYI, the investment vehicle of grape grower Peter Yealands, owns 6.7 per cent of Oyster Bay and is seeking to raise its stake to 51.1 per cent, while winemaker Delegat's wants to increase its 32.58 per cent stake to 50.1 per cent.