State-owned enterprise Landcorp wants to put in an offer to buy 16 Crafar family dairy farms in receivership.
But Landcorp chief executive Chris Kelly says the bid will not be as high as a Chinese bid thought to top $200 million.
He says the Landcorp Board will vote on the purchase on July 5th.
Mr. Kelly said he had the farms valued, and Landcorp would put in a “realistic offer.”
Landcorp would make it a condition of purchase that the farm houses were empty.
Crafar family members are still occupying three farm houses at Reporoa, despite the receivers asking them to leave.
A court case to hear the receivers' eviction order against the family will be held next month.
Tenders for the Crafar properties close on July 7.
