The company, which makes potato and kumara chips, is under a takeover offer from Simplot Australia Pty Ltd at $2.90 a share.
Mr Edgar, and his family, hold a 53% share of the company.
Chairman Graeme Edwards and his family have a 10% share and the Bell family hold about 15%.
All major shareholders were committed to accepting the offer, which was subject to Takeovers Panel approval, Mr Edgar said from Port Douglas.
Mr Edgar's stake is worth nearly $38 million, but he would not be drawn on his future plans except to say he had plenty to do as chairman of Forsyth Barr and with the Olympic Committee.
The association with Mr Chips had been a "wonderful 25 years", he said.
"I have never played an active role and we have had our share of fun, with ups and downs. At one stage, I had to guarantee the bank account.
"A lot of the original shareholders are still there. They were Forbar clients when we floated the company."
The major shareholders recognised that to develop the company it had to expand into the South Island and that required substantial capital, which Mr Edgar said he did not have.
The company was approached by Simplot, which has a turnover of $A1 billion ($NZ1.22 billion) and which is having difficulties growing potatoes for chips in Australia.
Simplot wanted to expand into the South Island and it made sense for the Australian company to take over Mr Chips as a way of doing that, he said.
Mr Chips reported yesterday an after-tax profit of $5.4 million for the 12 months ending March, up 96% on last year.
At $57.2 million, sales were up 21%, maintaining the trend of the last six years.
Exports to Australia represented more than half of company sales and Mr Chips was a well-established brand in most states, Mr Edwards said.
