The fiasco that is the ongoing saga of the ownership of Montana, New Zealand’s largest wine producer, could be entering its end game. In response to a NZ$4.80 per share takeover bid from its bitter rival Allied Domecq Plc, disgruntled suitor Lion Nathan is expected to rebound from its recent setbacks – in which it has been forced to reduce its shareholding in the company from 63% to 44% due to a breach of NZ Stock Exchange rules – with a new takeover offer of its own above Allied’s price. Lion has parted with the 41 million shares it was forced to sell at NZ$4.65 per share. Montana’s shares have been trading at NZ$4.80, equal to Allied’s offer price, an increase of around 10% in anticipation of the higher Lion Nathan bid.
