Updated 11.17pm: The board of Silver Fern Farms has voted to accept an offer from China.

Shanghai Maling is set to invest $261 million, for a 50% share in the meat cooperative.

The injection means Silver Fern Farms' equity will be valued at just over $310 million.

Chairman, Rob Hewett says the board considered a number of options, both locally and internationally.

But he says Shanghai Maling won due to its ongoing benefits for the co-op.

Prime Minister John Key earlier said the investors would have to make their case, and then it's up to shareholders.

"There's a role and a place in some people's minds at least, for foreign investment in New Zealand. I mean my view of it is that there is a place for foreign investment, but it's always on a case by case basis."

However, a Silver Fern Farms shareholder urged his fellow suppliers to open their wallets and put some hard earned cash into the company.

There had been calls for the government to invest, but John Key has ruled that out.

Federated Farmers Otago Meat and Fibre chair Simon McAtamney is frustrated with his fellow farmers.

"It does need outside capital, because farmers simply won't front up. They're happy to supply a cooperative but they're not happy to have shares in the cooperative."

Simon McAtamney wants Silver Fern Farms to continue to be controlled locally, so the future of the company can be decided by its suppliers.