News of a rival bidder possibly in the wings for the Hanover and United Finance assets has the market buzzing over who or which company is behind it but the contenders are keeping their cards closely guarded.

“No comment”, was all Guinness Peat Group’s Tony Gibbs would say, when asked to respond to speculation GPG could be in the frame.

Market sources told the Herald they were preparing another proposal on behalf of a separate bid to that of Allied Farmers, which last week unveiled its debt for equity proposal for Hanover and United investors.

The new party was apparently a well-known and trusted name.

Earlier this year GPG revealed a 4.7% stake in Allied Farmers and has been acquiring shareholdings in companies across the Tasman.

Mr Gibbs, who is also Turners & Growers chairman, has been busy stirring up a hornets nest with his battle with Zespri lately normally has a thing or two to say but in this case he wasn’t saying zip.

Timaru financier Allan Hubbard and Pyne Gould Corp’s maverick shareholder George Kerr were also initial suspects but Private Bin understands they are nowhere near the Hanover saga either.

That doesn’t leave many alternatives, unless ANZ-owned UDC has ambitions to enter the property finance game.

Of course there is always statutory management, an idea that appeals to the Shareholders' Association. But that proposal has already been shot down by the Securities Commission.

As for Hanover itself, it has said it is not aware of any rival bidder and no one else has done any due diligence on the assets.