Embattled Westland dairy company farmers have voted to sell their cooperative to Chinese dairy giant Yili.
Chairman Pete Morrison said 93.7 per cent of votes cast were in favour of the sale, and 89.8 per cent of votes able to be cast supported the move.
Around 6 per cent of votes were against the sale and 10 votes abstained.
Westland has only one interest class of shareholders and 2775 votes available for voting.
Yili is offering farmers $3.41 a share. Independent advisor Grant Samuel valued the shares at between 88c and $1.38.
In an offer valued at $588 million in total, it has committed under the conditional sale agreement to take on $342m of Westland’s debt and liabilities. Yili has also undertaken to match Fonterra’s milk price for 10 years and to pick up all milk for a decade after the sale.
Westland farmers have not received a market price for their milk for several years.
The deal now needs Government approval through the Overseas Investment Office and a tick from the High Court.