Fay offer for Crafar farms remains open
The $171.5 million Sir Michael Fay-led offer for the Crafar Farms remains on the table despite the decision by the receivers Korda Mentha not to accept a back-up offer to the current Chinese contract.
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The $171.5 million Sir Michael Fay-led offer for the Crafar farms remains on the table.
That's in spite of the decision by receivers Korda Mentha not to accept a back-up offer to the current Chinese contract.
Sir Michael, spokesman for the group of Central North Island farmers behind the bid, said the decision by the receivers was disappointing but not surprising.
“We were always the back-up position but the current decision by the receivers doesn’t mean we are going away,” said Sir Michael. “Our group of buyers remains ready if the Overseas Investment Office rejects the current Chinese [Pengxin] contract.”
“I can understand why the receivers would not want to send the wrong signal to the current prospective buyers by signing a back-up offer but that decision makes no difference to us at all in the long-term."
Steve Bignell the negotiator for the offer group said the receiver is taking the gamble of a better price subject to the OIO saying yes to the Chinese contract.
Sir Michael said the OIO would eventually make the decision on whether or not Pengxin was the right buyer. In the meantime the group of local farmers would keep their offer in play.
NBR staff
Mon, 26 Sep 2011
Mon, 26 Sep 2011
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Fay offer for Crafar farms remains open
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