PGG Wrightson says a potential bidder appears to be motivated by nothing more than to frustrate a partial takeover offer by Agria.
The listed company says it has received a letter from Zuellig Group reiterating its interest in buying a 19.9% holding as an alternative to Agria's 60 cents a share offer for a majority stake.
However, PGG Wrightson says the letter also outlined a range of other potential transactions, and nothing firm has been put on the table for shareholders to consider.
Agria's offer closes next month and PGG Wrightson's independent directors have recommended shareholders accept the bid in the absence of a better deal.
Some commentators are unhappy with PGG Wrightson and Agria's handling of the bid, as investors have been left in the dark about Agria's plans for the rural services firm.