INDEPENDENT NEWS

Delegat’s Stands Firm on Oyster Bay Offer

Published: Wed 2 Nov 2005 09:03 AM
Delegat’s Stands Firm on Offer and Supports Takeovers Panel Process
Delegat’s said today that it is committed to completing its partial takeover of Oyster Bay in line with accepting shareholders wishes.
Delegat’s offer achieved almost threefold the number of acceptances required to take its holding in Oyster Bay to 50.1%. It has supported the Takeovers Panel in the Panel’s application to the High Court (scheduled for the 9th of November) to allow the bid to be settled and paid – targeted to occur by early December.
“In the interests of all Oyster Bay shareholders, we are committed to achieving finality and stopping the ongoing costs which have already forced Oyster Bay to defer payment of this year’s dividend.” said Delegat’s Managing Director Mr Jim Delegat.
“We are working with the Panel towards the success of its application to the High Court. It’s clear from the feedback that we have received from Oyster Bay shareholders that this is also what they wish.”
Ends

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