The regulator’s intervention pushed shares down eight per cent at the start of trade on Thursday. It has fielded offers from France’s Louis Dreyfus and Olam.
The New Zealand-headquartered co-operative is behind household brands such as Western Star butter and Mainland cheese and has eight local manufacturing sites.
Shares in Jupiter Mines have doubled in value since Cyclone Megan forced the closure of one of the world’s biggest producers of the steel making commodity.
Under the deal, Conscious has chipped in 100 per cent of the acquisition price as debt for Greening Australia to sole ownership of the property dubbed Dixieland.
Sources said GPG is in advanced discussions with several banks to come in on a $1.1 billion refinancing of its existing facilities.