Turners is offering $1.15 a share for 20% of the company, and Heartland Bank is offering more than $1.50 a share for a full 100% takeover.
Should either acquire more than 10%, that forms a blocking stake against a full 100% takeover in the future - in effect, a Mexican stand-off.
However, the unconditional offer by Turners, which is below the bottom of MTF's valuation range, closes on Saturday, while Heartland has just this week formally stated its intention to seek a 10%-20% stake in preparation for making a 100% takeover, subject to due diligence.
Craigs Investment Partners broker Peter McIntyre said the competing Turners and Heartland offers meant shareholders had a lot of options to consider.
''There's twists and turns every which way with these offers,'' he said.
While MTF ''may be comfortable'' with Turners raising its stake, given its MTF business ties, Heartland's offer might ''curb'' some shareholders from selling.
Also, Heartland had a lot of work ahead to attain 90% acceptances, in order to achieve a complete takeover, he said.
Mr McIntyre said the board's valuation range, of $1.39 to $1.71 per share, ''added some spice, or confusion'', depending on the viewpoints of buyers or sellers.
The board of MTF has not come out in recommending acceptance of either offer.
A statement from Heartland said the ''initial cornerstone acquisition'' of 10%-20% demonstrated its commitment to making a full takeover offer. MTF's Dunedin-based chairman, Stephen Higgs, responded to both offers yesterday, saying the Turners offer was ''materially below'' the valuation range. However, Mr Higgs said the board noted the Turners offer was higher than the range in which MTF ordinary shares have been trading during the past 12 months.
He noted if Turners' offer succeeded in gaining more than 10% by Saturday, that holding would effectively block Heartland's offer, which is conditional on acquiring 100% of MTF.
''It also seems that the primary purpose of Heartland's second offer, to acquire between 10% and 20% of the shares in MTF at a price of $1.50 per share, is to limit the acceptances that Turners receives, so as to improve Heartland's ability to make a successful full takeover offer at a later date,'' he said in the notice to MTF shareholders.
He said there was ''uncertainty'' in the Heartland offer.
That included whether ''an actual unconditional offer'' would eventually be tabled, whether MTF's board would allow an acquisition above 10% and whether the required special resolution of ordinary shareholders was made.
He also noted the Turners offer would close before any unconditional Heartland offer could be made, ''The board considers that the Heartland proposal, on its own, does not currently provide sufficient cause to recommend to shareholders who would otherwise accept the Turners offer, not to do so,'' Mr Higgs said.
