New Zealand Farming Systems Uruguay isn’t jumping to any conclusions despite a key bidder pulling out of the takeover race on Friday.

Uruguayan company Union Agricultural Group withdrew its 60 cents-per-share offer for Farming Systems after fellow bidder Olam International upped its offer to 70 cents.

Farming Systems chairman John Parker says investors should still sit tight until all the information is in, including details about the mystery third bidder.

"Amongst a list of a whole lot of things that the capital is needed for, the most immediate is capital fertiliser and irrigation.

"All that money includes lowering of debt, building cow sheds and completion and development of a whole lot of farms.

"That’s what the money is needed for in the short term."

Mr Parker says the company is still open to all new offers.