Battle for Montana hots up

- Last updated on GMT

Related tags: New zealand

British drinks company Allied Domecq recently waived some of the
conditions on its bid for New Zealand winemaker Montana Group (NZ)
Ltd. The company said...

British drinks company Allied Domecq recently waived some of the conditions on its bid for New Zealand winemaker Montana Group (NZ) Ltd. The company said it still believed that its $NZ 4.40/share full offer was better than a rival $NZ 4.65/share offer from brewer Lion Nathan, IndustrySearch.com reports. Allied Domecq appeared to be losing the race for Montana, with Lion announcing that it now controlled 46.46 per cent of the winemaker - up from 28.27 per cent at the beginning of the bidding duel. Lion on Thursday upped its bid for a 51 per cent stake in Montana to $NZ 4.65/share from a previous $NZ 3.20 - $NZ 3.80 indicative range. Allied said it had extended the acceptance period for its offer to February 12 at 5 pm - including for the 20 per cent holding of chairman Peter Masfen - but the offer remained conditional on reaching 50.01 per cent.

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