However, Remgro might still be successful if it acquires sufficient shares through its alternate offer to force a minority buyout, said Gryphon Asset Management chief investment officer Abrie du Plessis. Du Plessis said he expected Remgro to remain a buyer and speculated it might start buying shares on the open market.

Remgro CEO Thys Visser said an alternative offer would now be available to shareholders who wished to receive R16 a share, or 8,1 Remgro shares for every 100 shares. However, the company was now offering fewer Remgro shares for every 100 Rainbow shares as it would not have complete control of Rainbow .

The initial offer was either R16 for each Rainbow share or nine Remgro shares for every 100 Rainbow shares, valuing the poultry producer at R4,5bn. While 77% of the shareholders who voted were against the deal, only half of the 38% minority shareholders cast votes at yesterday's meeting.