Support and opposition appears evenly split between farmers who view PGG-Wrightson's $220 million purchase bid for half of Silver Fern Farms as a way to reposition lamb, and those who believe it fails to address wider industry issues.
Southland Federated Farmers president David Rose summed up the view of opponents when he said they struggled to see how the merger itself would address issues of overcapacity, procurement wars and excessive marketing competition.
"By itself, farmers wonder how it can be the big vision for the future."
Owaka farmer Peter McNab said his view had changed from initial opposition to "muted support", as he realised farmers and the meat industry had to take a more strategic, longer-term view.
"Rather than merge SFF and Alliance and see what happens, we need to look at the best structure for the meat industry and work back from there.
"That was my concern with the meat mega merger. There wasn't too much strategy."
There was also a view among some farmers spoken to that SFF had gazumped Alliance with the proposal, gaining a strategic advantage through a stronger balance sheet and being more competitive.
"The hunted has become the hunter," one farmer said.
Duntroon farmer Richard Watson said SFF's claim of vertical integration was not new to the meat industry, adding that Canterbury Meat Packers had introduced the system 15 years ago.
His reservations about the merger were that it would not address excess processing capacity or that too many people were selling New Zealand lamb to the same markets.
Bob Allan, from Weston, an SFF supplier for 40 years, considered the merger a lifeline for the company.
"Something needs to be done and I think this might be the lifeline required to keep this branch of the meat industry open."
It would mean farmers not having to stump up with extra capital and he had nothing against the involvement of PGG-W, saying it was better to have an agribusiness investor rather than a corporate without rural ties.
Mr Allan had questions he wanted answered, such as whether he would retain his current drafter, while a year-round supply of lamb would result in farmers carrying fewer ewes and, therefore, having fewer lambs to sell.
Tom Hurst, of Waimate, was also eyeing the extra capital PGG-W would provide, saying while it was badly needed, he hoped the door would be open in the future for farmers to invest in their company.
The Alliance Group's mega merger concept could have seen farmers investing up to $40,000 in capital, compared to 9000 SFF shareholders each investing $25,000 to get $220 million.
But for that to happen, Mr Hurst said the value of the shares should change from $1 in, $1 out to reflecting the value of the company.
Mr Hurst also had concerns about whether industry consolidation would follow, but noted that Alliance had indicated it was not interested in merging.
"What worries me as we come into a new season where prices look like they are going to be higher, is that the two co-operatives could beat themselves up to get throughput. That is the last thing we need."
He felt plant consolidation had been unfairly left to SFF, while other companies had failed to act.
"The reality is plant rationalisation should be industry-wide and it is unfair for Alliance to say it was up to SFF to make all the moves.
"Alliance has to move as well - it should be done in conjunction with other companies."
He was not opposed to the deal, comforted the board must have a majority to pass a resolution and the chairman would not have a casting vote.
But he was waiting for more information before deciding.
Digger McCulloch, from Glenavy, was opposed but tempered that opposition by saying he wanted to see more information.
He was concerned at the loss of farmer control, saying a shareholder with more than 25% had effective control.
Mr McCulloch was also concerned PGG-W could promote Kelso and Rissington genetics to SFF suppliers - as the company had a shareholding - ahead of private stud breeders.
David Rose said some farmers felt the deal by itself did not address industry issues such as procurement wars and co-ordinated marketing, something they believed an entity which tied up 80% of the red meat industry would do.
He doubted there was 75% support for the deal at this stage, but there could be a swing in favour should the parties release more information on how marketing would be improved.
Balfour farmer and former Meat and Wool New Zealand chairman Jeff Grant also wanted to see more detail, especially on changes needed to the constitution, how it would remain a co-operative and how voter resolutions would be dealt with.
Mr Grant said it was the first of wider changes the industry would debate in the next 12 to 18 months.
Waitahuna farmer Gary McCorkindale also wanted to see Alliance come into the fold, but believed what he called "tribalism" would prevent that.
He hoped PGG-W chairman Craig Norgate could be the person to break down those barriers.
Mr McCorkindale said Alliance had been backed into a corner by the deal.
"Owen Poole [Alliance chairman] was going to be the saviour of the industry a few months ago with his big plan. Now, things have been reversed."
Otago Federated Farmers chairman Richard Burdon said farmers wanted the meat industry to change and he believed the deal had support.
There were few alternatives for farmers.
"Are they going to cough up with $220 million? I think it is unlikely."
Peter McNab said farmers needed to look at the long term.
"What we have to do is look for good in the long term. An extra $1 or $2 this coming season is nothing compared to being sure we get it right for the long term."