Talleys Group has sent its takeover offer for Affco Holdings to all shareholders, but Affco directors advise not accepting it until independent directors report.
Talleys late last month announced it was seeking to buy the 23.7% of the meat and dairy processing company it does not already own or has agreement to buy, at 37c a share.
Forsyth Barr broker Peter Young said that was wise advice, as such reports often affect an asking price.
The full takeover offer follows agreement in June for Talleys to buy the Spencer family's Toocooya Nominees 23.46% stake in Affco, also for 37c a share.
In March 2006, Talleys offered 39c a share for a majority stake in Affco.
Should Talleys succeed with the takeover, many consider the ultimate target to be Affco's 35% stake in Open Country Dairy, the country's second-largest dairy processor.
Talleys already owns 17% of Open Country Dairy, but late last month there was a flurry of interest in dairy companies.
China-based Bright Dairy offered $82 million for Synlait Milk and Olam International, the second largest shareholder in open Country Dairy, has launched a takeover of New Zealand Farming Systems Uruguay.
