A consortium of investors, led by investment banker Sir Michael Fay, is headed to court over a Chinese group's bid to buy the Crafar family farms.
Government ministers are expected to announce within days whether Shanghai Pengxin Group is successful in its bid to buy the 16 farms.
Crafar farms must stay in NZ hands - Shearer
The ministers' decision is based on a recommendation from the Overseas Investment Office (OIO) - which Sir Michael and the so-called Crafar Farms Purchase Group are seeking access to.
The group, which has made a rival bid for the farms, filed papers in the High Court in Wellington yesterday, and a first hearing is expected on this morning.
A spokesman for the group, Alan McDonald, said they were concerned about a lack of transparency around the OIO's involvement in the matter.
The group wants the information made public before Land Information Minister Maurice Williamson and Associate Finance Minister Jonathan Coleman announce their decision on Shanghai Pengxin's bid.
The farms' receivers, KordaMentha, have set a deadline of January 31 for the decision.
Prime Minister John Key said on Wednesday that Cabinet had briefly discussed the OIO recommendation, and the ministers would keep the deadline in mind, and announce their decision publicly.
Fay's group offered $171.5 million for the 16 farms, but KordaMentha rejected the offer as too low.
Pengxin's bid is believed to be around $210 million.
The farms are located in the Waikato, Benneydale in the King Country, Reporoa and Atiamuri, Waverley and Hawera in Taranaki and Bulls in the Manawatu.
NZN