27 Sep 2011

NZ farm bid not likely to succeed - receiver

3:08 pm on 27 September 2011

The receivers for the Crafar farms say if an offer from a Chinese company falls through, it's unlikely that a New Zealand consortium's bid would be accepted.

Korda Mentha has turned down the group's bid of $171.5 million, saying the Chinese offer is much better.

That bid is waiting on approval from the Overseas Investment Office.

Brendon Gibson of Korda Mentha said they have a range of options if the OIO rejects the Chinese offer. These included most likely re-marketing the 16 properties.

He said says Korda Mentha's job is to get the best price for the farms.