This week, Cavalier announced a $40 million take over bid for all of Wool Services’ assets.

The company did not wait for the outcome of a current Commerce Commission enquiry, which was launched after Cavalier attempted to buy Wool Services’ scouring business, a move which would create a scouring monopoly in this country.

Cavalier CEO Nigel Hales told media this week that his company was seeking a more certain route, so went after the Wools Services’ assets, rather than its shares.

“We’ve put up a very strong economic case to the Commerce Commission and our offer to NZ Wool Services is subject to Commerce Commission approval.

"We should have an indication of that by the tenth of next month so that’s not so far away now.”

However Wool Services International says it can’t assess the takeover bid while the commerce commission is still deciding on Cavaliers initial bid for its wool scouring business.

Wool Services chairman Derek Kirke says a lack of detail in the offer means the board cannot properly assess Cavaliers proposal for take over.

“We really don’t know, of course with anything like this the devil is in the detail and we don’t have any details so we’re really not sure what the offer means until we’ve gone through it in a lot more detail.

“And of course its early days yet because the Commerce Commission is yet to make its final ruling.”