Duxton Farms' merger faces shareholder pushback over valuation, transparency, and insider benefits, prompting a federal review.

Duxton Farms, an Adelaide-based agribusiness with a $45.6 million market cap, is facing shareholder opposition to its proposed merger with four unlisted companies in its network, set for a vote in October. Minority investors oppose the deal, citing concerns over overvaluation, lack of transparency, and undisclosed connections between key insiders Ed Peter and Richard Magides, who together control 58.6% of the company and stand to benefit from a $4.55 million share placement. The federal Takeovers Panel has paused trading and is reviewing objections, considering whether to launch a formal inquiry into potential governance issues and unfair value transfer to insiders. The company reported a $12.5 million after-tax loss in 2024-25 and continues expanding in the Northern Territory and Western Australia through large land leases for dryland cropping, cotton, and cattle. While Duxton Farms says the merger would enhance scale and diversification, critics argue it lacks proper due diligence and independent oversight.