Receivers for the Crafar dairy farms are refusing to consider
rival bids, including one from former owner Allan Crafar,
until the Overseas Investment Office (OIO) and Government
reconsider Shanghai Pengxin's offer.
The OIO, Land Information minister Maurice Williamson and
Associate Finance Minister Jonathan Coleman were told to
reconsider their approval for the Chinese company's offer by
High Court Judge Forrie Miller.
Crafar farms receiver Brendan Gibson, of KordaMentha, has
given Shanghai Pengxin until next Wednesday to come back with
an offer that has OIO and Government sign-off.
Mr Crafar wants to buy back the farms.
"We've got sufficient money available and arranged to pay the
amount that the Chinese are paying." Mr Crafar said he had
spoken to the receivers yesterday and been told they would
not cancel Shanghai Pengxin's deal, "even though the Chinese
have missed several deadlines, which wouldn't happen if I was
trying to do a deal".
"They won't let us match their funds. They want $70 million
more ...
"They want all the penalty interest and stuff that the
receiver hasn't paid when he's been running the farms."
Mr Crafar said he had initiated legal action against the
receivers and banks with mortgages over the farms.
Mr Gibson said Mr Crafar had not been in touch yesterday, but
there were "a lot of people who are expressing interest in
buying the properties".
He would not consider any other offer until that from
Shanghai Pengxin expired or was prevented from proceeding.
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