Allied Domecq has withdrawn the conditions of its A$4.00 per share takeover offer for Peter Lehmann Wines, which values the Aussie winemaker at £62.5m.

Last week, PLW recommended that shareholders accept Swiss group Hess’ lower unconditional bid of A$3.85 per share because it offered "certainty of value".

Allied Domecq chief executive, Philip Bowman, said: “PWL shareholders can now compare two unconditional offers, which both provide for payment within five days of acceptance.”

PWL has advised shareholders to “take no action” until its board has considered the new offer at its meeting on Friday, October 10.

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