A group of central North Island farmers who have put in a new bid for the Crafar family farms is not being put off by the receivers saying they have rejected the bid.
The group, led by Sir Michael Fay and including Maori farming interests, made its $171.5 million offer for the 16 farms last week.
A spokesperson for the receivers, Brendan Gibson of Korda Mentha, says the offer does not match up to the successful bid from the Chinese company, Shanghai Pengxin Group, which is now awaiting approval from the Overseas Investment Office before it can take effect.
He says it would not have covered the claims of Crayfar creditors, which stand at more than $200 million.
Pengxin has indicated it will spend more than $200 million buying the farms and dairy herds and upgrading them in the first two years.
Sir Michael says his group's offer will remain on the table as a back-up bid should the OIO rejects the contract with Pengxin.
