Golden State Accepts Wine Group Bid
Golden State Vintners Inc. accepted an increased offer from Wine Group to buy the company for about $82 million, topping a bid by Golden State’s chief executive.
Wine Group, which produces and sells wines under such brand names as Glen Ellen and Franzia, raised its offer Tuesday to $8.25 a share from a bid of $74 million, or $7.75 a share, earlier this month.
A group led by Jeffrey O’Neill, Golden State’s CEO, offered $7.25 a share March 23.
Closely held Wine Group would assume about $29 million of Golden State’s debt.
Shares of Napa, Calif.-based Golden State shares fell 26 cents to $8.19 on Nasdaq.
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