The field vying for the business of listed winemaker Evans & Tate Ltd has narrowed with the withdrawal of Jack Bendat-linked Frankland producer Ferngrove Vineyards Ltd following due diligence and just as rival Yarraman's new offer emerges in detail.
Wembley-based winemaker Evans & Tate Ltd will conduct due diligence on a takeover offer issued by Sydney-based Yarraman Winery Inc, to come to a decision by March 20, the company has announced.
Evans & Tate have rejected a $131 million takeover proposal from Yarraman Winery Inc following a week of close discussions with senior management from the US-listed wine group.
Sydney-based Yarraman Winery has launched a takeover bid for Evans & Tate after striking a deal with former executive chairman Franklin Tate to buy a 19.9 per cent stake in the Margaret River producer.
