Farmer-Shareholders of food producer SunRice are seriously considering the $600-million offer of Spanish firm Ebro Foods.

SunRice farmer-shareholders, who are likely to be affected by the water cutback in the Murray-Darling Basin Plan, are apprehensive that it is too good an offer to pass up.

However, most of the 1700-odd members of Ricegrowers' Association of Australia, are also weighing their options since the company has been considered with value beyond its monetary equivalent.

According to of Ricegrowers' Association of Australia, which owns shares in SunRice when it sold to the latter, the offer from Ebro is of fairly, good value.

In a report of the Australian newspaper, Executive director Ruth Wade has been quoted saying the group was "shellshocked" by the offer as they are still amidst the battle to convince authorities to alter the water cutback entitlements recommended by the Murray-Darling Basin.

In the meantime that Ebro is evaluating the company's financial records in the next five weeks, the report also said "it also agreed to a minimum five-year commitment to purchase medium-grain rice from SunRice's NSW growers to be priced historically consistent price and based on prices for Californian rice, generally comparable to the NSW product."

Ebro will also need to annually buy up to 100,000 tonnes of other NSW rice varieties at market prices.

Ebro's offer consisted of $50,000 cash a share for the 800 A-class shareholders. The shareholders of B class will get $5.025 for each share, which is thrice its last traded value of $1.60.