The Dunedin co-operative is seeking a cash injection of $100million, with media reports indicating Bright Food subsidiary Bright Dairy and Food was lined up to invest.
Bright Dairy and Food took a majority stake in Canterbury milk processor Synlait Milk for $82 million in 2010.
West Otago farmer Allan Richardson, who has been working with a group of disaffected fellow farmer shareholders, said the announcement on the deal was now expected by the middle of next week.
Previously, an announcement had been expected earlier this week.
Mr Richardson told the Otago Daily Times the delay in the announcement was working in favour of the shareholder farmers determined to stop the Chinese investment.
And he was critical of the wall of silence being imposed by the company while the deal was being negotiated.
''There is a lot of uncertainty out there. By saying nothing, they are making it harder for themselves. But the ''clear air'' gives farmers a chance to think about the long-term implications and we can talk to more farmers about those implications.''
Mr Richardson had been receiving phone calls from throughout New Zealand from co-operative suppliers asking about the deal.
Many were offering support but he was taking nothing for granted.
They were loyal shareholders but it would come down to ''how many lollies'' the Silver Fern board would give away to suppliers, he said.
The board still had to get 50% support for the deal to be passed and it was still unclear whether all 16,000 shareholders would be able to vote or whether it would be restricted to just supplier shareholders.
''If the dry shareholders get to vote, they will take the money and run and that will make it hard for us,'' he said.
Craigs Investment Partners broker Peter McIntyre said farmers would have the opportunity to vote for or against the deal because they owned the co-operative.
There was no doubt Silver Fern needed capital to survive and the banks were being fairweather friends to the group.
''Silver Fern Farms needs more surety of capital and that is the whole mandate for this injection of cash.''
Once the deal was put together, it would have to be provided to farmers and they would then get their chance to have their say and vote.
There was no point in stressing about something that was not yet on the table, he said.
