An unidentified company, which says it made a higher bid than Fonterra for the milk processing assets of New Zealand Dairies Ltd, has asked the Commerce Commission to investigate the fairness of the sale process.
In June, Fonterra entered into a conditional agreement to acquire the assets, subject to commission clearance.
That decision is due on August 31.
A submission to the commission, which was available on the commission's website but with the name of the company removed, said the company was not given due consideration.
It said the bid was not preferred as the view was that it would require Overseas Investment Office approval.
The submission said the company was formed to invest in and operate dairy farming and dairy processing assets.
It was bullish on the future of the dairy sector and when the opportunity arose to invest in an existing entity, it took the chance seriously.
The submission said its offer was "significantly better" than the "rumoured" Fonterra figure.
It asked the commission to review the application, given there was another and better offer that was not pursued by the receiver.
It questioned if Fonterra was "a reluctant bride" - saying the dairy giant claimed it did not pursue the acquisition - and why the receiver did not fully explore offers that were on the table.
The fact that no alternative was offered to NZDL suppliers did not mean that none existed and the conditions that suppliers have had to agree to should also be carefully examined, to ensure they were fair, the submission said.