Olam International has failed to gain full control of New Zealand Farming Systems Uruguay.
The Singaporean food group's takeover bid was stymied by group of minority shareholders, which vowed to hold off selling because the offer was too low.
Olam, which was already Farming System's majority shareholder, was prepared to pay 70c a share for the rest of the firm.
It managed to boost its holding by nearly 8% at a cost of $13.6 million, but it still has less than 86% of the company - below the 90% threshold that triggers compulsory acquisition of the remaining shares.
A vocal group of minority shareholders had argued that the offer price was too low and that higher milk and land prices made the company an attractive prospect.
The group believed the offer price should have been closer to 85c, and insisted Olam would be back with an improved offer.
