Boutique Sydney broker Linwar Securities will sell a big stake in listed farmer Tandou in a move which could frustrate Guinness Peat Group's attempt to buy the company.
According to The Australian Financial Review, the 30.59 per cent stake held by Tandou's largest shareholder, Volcot Holdings, is up for grabs after the Swiss cotton trader ran into trouble with its lenders last month.
Australia and New Zealand Banking Group called in Anthony McGrath and Shaun Fraser of McGrathNicol as joint receivers of the holding. They appointed Linwar, which worked with Tandou last year in looking at ways to unlock value in the troubled company.
Sources close to Tandou said there are several firm offers from European, US and domestic strategic players which support the company's vision of growing its water business. The offers are all above a 33¢ a share bid for 100 per cent of the company made by well-known corporate raider Guinness Peat Group, according to sources.
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