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Turners & Growers has filed proceedings in the High Court against shareholders in takeover target Kerifresh for costs and forfeiture of shares.
The fruit and produce exporter last month suspended its takeover offer for Kerifresh after the Takeovers Panel found several parties had not complied with the Takeovers Code.
Turners filed a statement of claim in respect of breaches of the code by certain shareholders and their associates, and would be seeking costs and damages suffered when it suspended its takeover offer, and forfeiture of shares.
Turners chairman Tony Gibbs said the company was still interested in making a takeover bid.
"Until we know what the remedies are and what the penalties are it's impossible to move forward," he said.
"Basically you're not allowed to frustrate takeovers, precisely what they've done and we've incurred a lot of costs and we want it back."
In October the panel found that Kerifresh managing director Alan Thompson, director Hamish McHardy, McHardy-controlled firm Sundry Investments, former director Graham Cowley and his company Iron Hills Vineyards, and Emma Jane Eastwood and her company Anbran Trustee Company had not complied with the Takeovers Code.
The parties had broken rules under which a person and their associates are not allowed to own or control more than 20 per cent of a company's stock without making a takeover bid or getting shareholder approval.
In November the panel also ruled that a bid for shares by Englishman Lawrence Fletcher did not comply with the code.
A Takeovers Panel spokesperson said it was aiming to get its proposals for remedies to the parties this week.
The panel had not yet considered whether the proceedings filed by Turners & Growers would have any affect on its plans.
