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Evans & Tate takeover saga continues

Published:  23 July, 2008

Yarraman Estates has re-entered the race for Evans & Tate with a third bid for the company while Ferngrove Vineyards has dropped its offer.

The revised offer would see E & T and Yarraman merge, with E & T acquiring the Yarraman business thought to be worth US $17 million (GBP 8.3m).

E & T has debts worth $100 million (43.2m) owed to ANZ bank, which would be repaid in both cash and shares.

Yarraman entered its first bid for the troubled Western Australian winery at the end of 2006. Its offer worth almost $131m (56.6m)was rejected, as was a second higher offer in March.

The board of E & T has said it will meet to compare the offer with those previously received.