Tasmanian meat processor Blue Ribbon has been granted a 21-day extension to continue takeover negotiations with three companies.

The Federal Court of Australia granted administrator Dick Shoobridge of Deloitte Touche Tohmatsu the extension in order to continue negotiations with China-based Guangdong Jinli and rival bidders Bindaree Beef and BRG Capital Facilitation.

The company has secured support from creditors to embark on a ‘deed of company’ arrangement with Guangdong, which offered to provide Blue Ribbon with working capital of A$2.26m (US$1.13m).