An independent report has suggested that New Zealand tomato paste manufacturer Cedenco Foods is worth more than the NZ$2.05-per-share (US$1.21) takeover bid by California-based SK Foods.

The report by Grant Samuel & Associates values Cedenco at between $2.14 and $2.74 per share, reported Dow Jones International News.

SK Foods announced in July that it had offered to buy the 41% of Cedenco that it does not already own. Cedenco said its directors are reviewing this latest report and are to meet this week to make a recommendation to shareholders.