New Image Group's chairman, Graeme Clegg, has succeeded in his takeover bid for the company.
Mr Clegg now owns more than 90% of New Image after offering 26 cents a share, valuing the company at $61.1 million.
Shares in the company, which uses cow's colostrum to produce health products, as well as infant formula, have traded between 22 and 30 cents during the last six months.