PGG Wrightson chairman Guanglin "Alan" Lai has withdrawn his non-binding takeover offer for the rural services company's biggest shareholder, New York-listed Agria Corp.
In February, PGW's independent directors said Agria had notified the New York Stock Exchange of a non-binding takeover proposal from Lai, who is Agria's biggest shareholder.
Agria indirectly holds 50.22 per cent of PGG Wrightson (PGW) through Agria (Singapore).
The independent directors of PGW, Bruce Irvine, John Nichol and Ronald Seah, formed a committee to consider and assess the implications, if any, that the proposal may have for PGW.
Irvine, who chaired the committee, said in a statement to the NZX that PGW had been informed that Agria Corp had received notice that the non-binding takeover offer was withdrawn.