Apple exporter Enza wants an independent valuation of its shares to help stave off a share offer from corporate raider Sir Ron Brierley's GPG and FR Partners.
GPG and FR Partners are separately offering apple orchardists 150c a share with the intention of each building a 19.9 per cent stake in
Enza, the maximum Enza's constitution permits.
That will effectively give them joint control of the country's dominant pipfruit exporter.
Enza's directors yesterday said the change in control might be beneficial for shareholders, but it would change the nature of the company and end grower control.
"The board believes that the current offer price should in these circumstances reflect a control premium."
Directors are commissioning an independent valuation report to confirm their contention that the shares are being substantially undervalued.
Meanwhile, GPG and FR Partners, who have stressed that they "could not work in a related party sense with another owner," indicated they had already received acceptance from the holders of 5 per cent of Enza shares.
Enza has been in its current corporate form for only four months, and is yet to produce financial accounts.
