With neither side able to score a decisive knock-down, we’re now entering the late rounds in the fight for control over New Zealand’s largest wine maker, Montana. Lion Nathan is still determined to resume control over the business, but thanks to a NZSE ruling that it breached stock market rules with its purchase of 10% of the company in February, its ownership must be brought back to 44% of the company within a month. It presently holds 63%. Allied’s current stake is 27% and has offered NZ$4.80 per share for all shares it does not own, while Lion Nathan has offered NZ$5.50 per share for another 11% of the company and NZ$3.70 per share for the remainder. Allied’s offer closes on September 28.
