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.