The three independent directors on the Enza board have recommended that shareholders take up the GPG offer which values Enza at NZ$57million (£17.67m), according to a report in the New Zealand Herald.

Brian D'Ath, Enza deputy chairman and chair of the committee formed by the three directors is reported in the Herald: 'The bid is within the NZ$1.17-1.50 range of the independent appraisal, albeit at the lower end.' The appraisal was sent to Enza's 1,000 or so growers this week. The independent growers reportedly said the offer, for NZ$1.20 a share, was 'fair' given that Enza's shares had not traded above NZ$1.20 for the past month. The company's net shareholder value expressed in its latest annual report was NZ$77m, but D'Ath is reported to have said that for those who wanted to realise their stake in Enza, the opportunity put on the table by GPG was unlikely to come up again.

No other bidders contacted Enza with any counter offers and the other bit corporate investor in the top fruit marketer, FR Partners had already agreed to sell its nearly 20 per cent stake in Enza after its relationship with GPG turned sour.

GPG reportedly reiterated its commitment to producers and to improving grower returns in a letter to all shareholders last week. Analysts expect it will fall short of a complete takeover and will end up with shares of between 50 and 90 per cent of the company.

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