The acquisition of New Zealand potato products maker Mr Chips has moved a step closer after more investors accepted in principle the terms of Simplot Australia’s imminent takeover bid.

Simplot has reportedly struck deals with Balle Bros and Jon Davison, giving the food manufacturer 70.87% of Mr Chips shares on a conditional basis.

Balle holds a 15.48% stake while Davison holds 0.72% of the company.

According to The New Zealand Herald, the agreements commit both parties to accepting an offer at or above NZ$2.90 (US$2.19) a share

As just-food went to press, Mr Chips shares were trading on the New Zealand stock exchange at $2.60 per share.

Additionally, both parties have reportedly also agreed to take up shares in the as-yet unnamed Simplot subsidiary that will make the offer.

Simplot has indicated that it intends to only hold around 60% of Mr Chips, with institutional shareholders taking up the remaining 40% of the Simplot subsidiary.

Simplot had previously reached similar agreements with majority stakeholder Sinclair Long Term Holdings and institutional shareholder Anglesea Consulting.