WSI holdings, an Australian investment company, has lodged a formal take-over bid for Wool Services International, a wool scourer and exporter in New Zealand.
WSI Holdings is associated with wool merchant Lempriere Holdings of Melbourne.
Last month the receivers of two companies which hold 64% of Wool Services International shares and senior management who own another 11% signed an agreement with WSI Holdings to sell their shares at a price of 45 cents each.
Wool Services chairman Derek Kirke said WSI Holdings has now applied to the Overseas Investment Office to buy all the shares.
He says the board can't comment on the pros and cons of the takeover bid until it gets an independent appraiser's report.