New Zealand Dairy Foods, owned by billionaire Graeme Hart, has agreed to sell its stake in Kapiti Cheeses to United Milk for NZ$5.67 (US$3.33) a share. Hart recently bought a 10.3% stake in specialty cheese and ice-cream manufacturer Kapiti Cheeses at $3.75 per share. The board of Kapiti Cheeses, however, was concerned that Hart was trying to stop bidders that were participating in a competitive tender from buying the company, reported the Dominion Post.