The listed Australian farm chemicals group Nufarm is in a trading halt after Chinese state owned firm Sinochem lowered its takeover offer for the company.
After conducting extended due diligence, Sinochem is now offering $A12 Australian per share, down from the previous offer $A13 previously offered.
Nufarm chairman Kerry Hoggard says the company is disappointed that Sinochem is now offering less, and will ask Sinochem to clarify the terms and conditions around the new price.
Mr Hoggard says the board is not prepared to support a bid that undervalues the business and it will now carefully review all its options.
Reports suggest Sinochem has expressed concern about Nufarm's performance.