PGG Wrightson shareholders have been told the rural services firms needs overhauling, which may include selling its financing arm.
The listed company's largest shareholder, Agria, on Monday mailed its $141 million bid for 50% control of PGG Wrightson to investors.
Agria owns 19% of PGG Wrightson and has already secured the stake of the second largest investor, Pyne Gould Corporation, giving it 37%.
The Chinese firm says PGG Wrightson has underperformed and needs to focus on its main operations, which include its lucrative seeds operations and running rural supply stores.
It supports PGG Wrightson's review of its finance arm, and the option to sell it.
PGG Wrightson's recovery has been blighted by tough trading conditions, culminating in a profit warning late last year.
The company has told investors to await a recommendation on the offer from its independent directors Sir John Anderson, Keith Smith and Bill Thomas, which is expected early next month.