GPG Orchards, which has a 19.99 per cent stake in Enza, has made an offer to purchase all the exporter's shares. Enza said in a statement that it had been advised that FRP Orchards Ltd has agreed to sell its 19.99 per cent holding to GPG at NZ$1.20 a share, but only if GPG achieves a minimum acceptance level of 50.1 per cent of the total Enza shares.

FRP is reported to have agreed to the sale only after its own offer for GPG's stake had been turned down, as the relationship between the two corporations which muscled into the NZ apple business in August 2000 changing it forever, turned extremely sour.

Enza's independent directors have said they will be commissioning an independent report on the merits of the offer to be provided to all Enza shareholders.

'It is likely to be six weeks before the final outcome of the share buyout is known,' said Brian D'Ath, representing the independent directors of Enza. 'In the meantime, all stakeholders can be assured it will be business as usual for Enza.' D'Ath is recommending that shareholders wait for the publication of the report before considering the sale of their shares.

All the company's shareholders will receive a letter from Enza concerning the offer.

GPG and FRP each acquired their chunk of Enza in August 2000 at a price of some NZ$6 million. The offer made by GPG to FRP this week is worth NZ$14m.

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