A syndicate of local iwi and farmers led by expatriate Michael Fay have lodged a $171.5 million bid for the Crafar family farms.
Fay's group, which had previously signalled an interest in buying nine of the farms, tabled its bid with receiver KordaMentha on Tuesday.
A rival offer from China's Shanghai Pengxin Group may be turned down by the Overseas Investment Office (OIO), which has already rejected a bid from Hong Kong.
"I firmly believe we must keep our competitive advantage for exports and that advantage is in what we do with our land," Fay said in a statement.
The information in this article was current at 02 Dec 2011