The battle for Vitalharvest (ASX:VTH) shares isn't over yet!

With institutional investors increasingly interested in agricultural assets, the competition for Vitalharvest is heating up.

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Vitalharvest Freehold Trust (ASX: VTH) shareholders have received yet another takeover offer for their shares.

The offer from Roc Partners is the ninth from Roc — if you're keeping count. It comes as a counteroffer to Macquarie Group Ltd (ASX: MQG) subsidiary Macquarie Agricultural Funds Management's (MAFM) latest takeover offer on 1 June — also MAFM's ninth.

Vitalharvest, a real estate investment trust (REIT) focused on Aussie agricultural property assets, has been hotly contested between the 2 investment groups. Roc has indicated it's likely to beat any MAFM offer by 1 cent per share.

And so far, Roc looks to be doing just that.

What is Roc's latest takeover offer?

Vitalharvest reported Roc's new offer is for $1.33 per share, or $357.35 million under the Asset Sale alternative, which it says would result in a maximum return of $1.31 per share.

The latest offer is 2 cents per share higher than Roc's previous bid for the ASX agricultural trust. It contains other differences as well, including lowering the maximum payment to the manager under the facilitation deed to $4.5 million, down from $8 million.

Roc gave a deadline of 15 June to accept its ninth bid. However, the Vitalharvest board said the deadline would need to be pushed out "in view of the matching right timing in the MAFM Scheme Implementation Deed".

The board said it's "reasonably likely" Roc's latest offer was superior to MAFM's ninth offer of $1.295 per unit, which would be equivalent under the asset sale alternative. However, the board highlighted it has not yet made any concrete determination.

If the board accepts Roc's latest offer, MAFM will have 5 business days to make its own new counter offer. (Yes, that will make 10).

Vitalharvest said shareholders don't need to take any action at this time, and it will keep the market informed of any developments. The company has postponed its 10 June shareholders' meeting.

Vitalharvest share price snapshot

The Vitalharvest share price has gained 70% over the past 12 months, handily outpacing the 20% gains posted by the All Ordinaries Index (ASX: XAO).

Year-to-date, Vitalharvest shares continue to outperform, up 35%. The current share price of $1.325 sits just above Roc's latest offer.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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