Olam International says it won't be increasing its take-over offer for New Zealand Farming Systems Uruguay.
The company holds 85% of New Zealand Farming Systems Uruguay and is offering 70 cents a share for the rest of the firm.
Minority shareholders have rejected the offer as too low, saying they think the net asset value is closer to 85 cents a share.
Olam says minority shareholders have asked it to consider raising the offer, but it won't engage in any such discussions.
It is reaffirming its previous commitment that the offer price won't be increased.