The Overseas Investment Office (OIO) has given its approval for Binxi to buy 5.3ha of land next to its trading subsidiary, Lean Meats Oamaru, in Shortland Rd, for $580,000.
While Binxi continues to expand in Oamaru, it is separately involved in a more than $25 million takeover play for Invercargill-based Blue Sky Meats.
Binxi got its present 13.5% stake in Blue Sky from its November 16 purchase of shares from former Blue Sky chairman Graham Cooney, who sold one million of 1.1million shares held, for $2.20 each.
A recent decision by the OIO said the Oamaru land, next door to Lean Meats' operations, was sold by the Greaney family trust.
''The applicant [Binxi] intends to develop an old woolshed on the land into a head office and to redevelop an existing dwelling on the land into staff accommodation for employees of the applicants' trading subsidiary [Lean Meats],'' the OIO decision said.
The OIO was satisfied there was a ''substantial and identifiable benefit'' to New Zealand, including more jobs, added productivity and additional investment.
In early December, the board of takeover-target Blue Sky Meats delivered a surprising ''wait'' instruction to its shareholders, on whether to accept the $25.3million offer by Binxi of $2.20 a share.
The ''wait'' recommendation was unusual, given Blue Sky had earlier in the year sought to identify a buyer with interested parties being invited to submit proposals.
Binxi already owns 13.5% of Blue Sky and made its $2.20-a-share $25.3million offer in early November, a premium of almost 70% on the then trading price of $1.30.
A separate independent advisers' report by Campbell MacPherson released in early-December assessed Blue Sky's share value as being in the range of $1.93 to $2.21, but made no specific recommendation on selling or holding.
Campbell McPherson noted the $2.20 offer provided an opportunity for shareholders wishing to exit ''to do so at a significant premium to the last traded price'', which was $1.30.
Also in the target company statement to shareholders, released on the Unlisted stock trading platform, Blue Sky's board told shareholders to wait until mid-January before making a decision on the offer.
Blue Sky's board had ''started preparing a new strategic plan'' to ''effect positive change and improved financial performance'', Blue Sky's chairman Scott O'Donnell said in the statement.