Fresh produce marketer Turners & Growers (T&G) has announced the appointment of KordaMentha to assess the NZ$26.5m (£12.9m) takeover bid from Germany's BayWa AG.
The German group has already tied up Guinness Peat Group's 63.5 per cent stake in T&G for NZ$137.4m, ensuring the bid for at least half of the group is met, with KordaMentha to study the NZ$1.85 per share offer as an independent advisor.
According to reports in New Zealand, the German group will delist T&G if it secures 90 per cent of acceptances that would allow it to force a compulsory sale for the rest of the company, but the deal does not rely on a full takeover.
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