German fruit supplier BayWa does not expect all of Turners & Growers shareholders to accept its takeover offer.
Turners & Growers has appointed KordaMentha to appraise the $216 million takeover offer.
Guinness Peat Group, the company's major shareholder, has already accepted the offer of $1.85 per share for its stake of 63%, which will net it $137 million.
BayWa chief executive Klaus Lutz said in Auckland on Monday that the company won't increase its offer asit considers it a fair price.
His gut feeling is that not all shareholders will sell.
Mr Lutz told Evening Business on Checkpoint BayWa Turners & Growers is a natural fit for BayWa's expertise in Germany's fruit sector.
He says BayWa intends the Turners & Growers to remain listed in New Zealand.
