The New Zealand Dairy Board (NZDB) is anxiously eyeing the details of a rival bid from National Foods and Murray Goulburn for the Australian dairy company Bonlac Food.

National Foods, an Australian dairy food company, presented its joint plan with Murray Goulburn Cooperative to take over Bonlac Foods . The joint proposal includes the purchase of Bonlac's consumer products division by National Foods' for A$250m, while Murray Goulburn will acquire full control of Bonlac for A$69.3m.

NZDB spokesman Neville Martin said his company is looking at the details of the National Foods-Murray Goulburn proposal but will not make any formal comment, until Bonlac issues its response to the offer.

NZDB has an existing agreement for an alliance with Bonlac that would result in the New Zealand dairy concern taking a 25% stake in Bonlac, but need the approval of 75% of Bonlac's member farmers. A vote by Bonlac farmers on the NZDB deal at a meeting in April is likely to decide the fate of the company.

To read more about the options for Bonlac's future, click here.