US produce company SK Foods has offered to buy the shares it does not already own in New Zealand ingredients maker Cedenco Foods.

SK Foods, which holds 59% of Cedenco shares, said it has offered NZ$2.05 (US$1.21) per share for the remaining 41%, reported the New Zealand Press Association.

SK Foods managing director Scott Salyer said Cedenco’s small size and the narrow commodity-based nature of its business meant that it was better suited to being a private company.

SK Foods took a 54.8% stake in Cedenco in May 2001 after buying out shareholders BIL and Mangatu Investments for $12.5m.