Directors of New Zealand’s biggest meat exporter, Richmond, have recommended that the company’s shareholders accept a NZ$3.05 (US$1.67) per share takeover bid from rival meat processor PPCS.

“In the absence of a higher offer, the Directors of Richmond Limited, by majority, are recommending to shareholders that they accept the offer made by PPCS at $3.05,” chairman Sam Robinson was quoted as saying by Dow Jones International News.

“Directors point to the fact that the offer process provides the opportunity for any alternative bidder to overbid the PPCS offer should they wish to do so,” said Robinson, adding that he personally did not support the majority recommendation.