New Zealand dairy producer Fonterra said is has been offered a further NZ$0.05 (US$0.02) per share by Rank Group, which wants to acquire NZ Dairy Foods.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more


The new comes as Fonterra is trying to face down a rebellion among farmers angry at the price it has already accepted for NZ Dairy Foods from food magnate Graeme Hart – NZ$1.7 per share, valuing the group at NZ$119m.


A farmers collective GMC (Great Milk Collective) is arguing that 6200 farmers owned half the shares in Dairy Foods. GMC had bid to buy out Fonterra’s shares and exercise farmer control of Dairy Foods. The group had matched the offer from Hart’s Rank group, but Fonterra said “other conditions” favoured Rank’s bid.


Today [Thursday] Fonterra announced that Dairy Foods chairman John Storey, had managed to sting Rank for an extra 5c/share.


“In order to win the support of the 6200 shareholders who have a choice over whether to sell, Rank have decided to slightly increase their offer from NZ$1.70 a share to NZ$1.75,” Fonterra’s chief financial officer Graham Stuart said.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now