A report analysing a takeover bid for Affco suggests the deal may be worth more than has been offered.
Privately owned food processing company Talley's Group wants full control of Affco, and is offering the current share price of 37 cents a share.
Talley's already owns 76% of the meat processor after buying out the Spencer family's 23% stake in June.
An appraisal report by Campbell MacPherson Corporate Advisers, commissioned by Affco, puts the value between 34 cents and 44.4 cents a share.
It recommends investors accept the offer if they need a dividend in the short to medium term, but suggest they retain their shares if not.
The report writers believe it is highly unlikely Talley's Group will increase its offer.