A takeover offer from a Chinese-New Zealand joint venture for Synlait Farms has been extended to 20 December.
Independent committee directors chairman Steve Howse said the offer was extended from the previous closing date of 6 December in case there's any delay in getting regulatory consents.
SFL Holdings is owned by a subsidiary of Shanghai Pengxin and two of the three founders of Synlait, John Penno and Juliet MacLean. Its offer has now been accepted by more than 81 percent of shareholders.
Mr Howse says the level of acceptances is encouraging, given the offer was presented just three weeks ago.
Radio New Zealand's business editor says the offer, which values Synlait Farms at $85.7 million, is conditional on at least 90% of shareholders accepting the offer as well as approval by the Overseas Investment Office and by Chinese regulatory agencies.
Synlait Farms owns 13 farms south-west of Christchurch, milking 13,00 cows and supplies milk to Synlait Milk.
Shanghai Pengxin bought the 16 Crafar farms in the North Island last year.
