Delegat's offer for Oyster Bay unconditional

Delegat's Wine Estate's offer for Oyster Bay Marlborough Vineyards has reached 90% by today's deadline and is now unconditional.

Delegat's owned 54.9% of Oyster Bay before launching a takeover offer, and has raised the price of its bid to $2.08 a share from $1.80.

Oyster Bay shareholders were warned that a substantial rights issue may have been required if the offer fell short of 90%, to satisfy bankers who granted a waiver for a breach of banking covenants until the end of December.

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