The Australian Financial Review reports that Canberra-based businessman David Bryant has bid $15 million for Great Southern's stake in the Diversified Agribusiness Fund and an undisclosed amount for its responsible entity, Rural Funds Management (RFM).

"We have presented the receivers [McGrathNicol] with a comprehensive bid for the 3500 equity investors in the unit trusts of Diversified Agribusiness Fund," Mr Bryant said. "The receiver reached a conclusion that our bid represented the best outcome for secured creditors and all other stake holders."

Mr Bryant said the offer to pay $15 million for Great Southern's stake in the Diversified Agribusiness Fund, previously named Rural Opportunities Fund, was higher than the realisation receivers would achieve if the fund was wound up now at a time when market conditions were "very unfavourable".