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South Island-based food producer Talley's Group is making a full takeover offer of NZX-listed meat processor Affco at 37c a share.

Last month, Talley's Group signed a pre-bid agreement with Toocooya Nominees to make a full takeover bid at 37c a share, with Toocooya agreeing to sell its 23.5 per cent stake in Affco for $43.86 million.

Toocooya holds agricultural interests of the family of former pulp-paper millionaire John Spencer, and Peter Spencer, one of the nation's biggest corporate meat farmers. With the Toocooya stake, Talley's owns 76.2 per cent of Affco.

Talley's said late yesterday that it was launching a takeover offer for the shares in Affco it did not own or control. At 37c a share, the company would be valued at $870.28 million.

Affco Holdings listed in 1995 after a debt restructure and a $100 million public share offer at 50c. Its share price has seesawed from 52c on listing day to a low of 15c in December 2002.

Affco shares last traded on Monday at 37c.