Receivers for the Crafar properties say they have rejected an offer from a group headed by rich-lister Sir Michael Fay, for the 16 dairy farms in Reporoa.

The group had previously indicated an interest in nine of the farms, formerly owned by the Crafar family, but last week said it had revised its $171.5 million offer, to include all 16 farms.

The group's offer was subject to the Overseas Investment Office (OIO) rejecting the current bid from Shanghai's Pengxin International Group, which offered $200m to buy and upgrade all 16 farms in January.

Receivers KordaMentha said today the price being offered for the farms by Fay's group was "unacceptable".

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"As we have said previously, following the comprehensive sales campaign run last year, we have accepted an offer from Pengxin International Group Limited which was by far the best offer at that time and remains so today," KordaMentha spokesperson Brendon Gibson said.

"Whilst we received the offer from Sir Michael Fay, it was conditional, was a collaboration of several purchase and was at a price that continues to be unacceptable."

"We continue to await the OIO decision on the Pengxin offer."

KordaMentha has managed the 16 North Island farms, formerly owned by the Crafar family, since they went into receivership in 2009 owing more than $200 million to lenders Westpac, Rabobank and PGG Wrightson Finance.