New Zealand meat processor PPCS has said it is to make another attempt to acquire the remaining shares in meat processor Richmond that it does not already own.

Last year, after a long-running battle, PPCS finally regained a majority stake in Richmond and now holds a 62.9% stake in its former rival.

The latest offer from PPCS is valued at NZ$3.11 (US$1.94) per share and is conditional on PPCS receiving enough acceptances to reach the 90% shareholding level that would trigger a compulsory acquisition of the remaining Richmond shares, reported Dow Jones News.