A further $9 million has been wiped from the market value of Elders after it rejected an offer to buy its rural services business.

The eight month sale process for Elders’ agricultural and real estate business seemingly came to an end on Tuesday when the company announced it had rejected a takeover offer from rival agricultural business Ruralco.

The rejection leaves the Elders business in limbo, with significant debts still outstanding.

“The Elders board has determined that the offer made is inadequate with respect to value, execution risk and other considerations,” the company said about the Ruralco bid.

“As a result, the Elders board has determined to reject it.”

Elders shares, which had been halted from trade since last week while the company reviewed Ruralco’s offer, lost two cents, or 22.2 per cent, to close at seven cents on Tuesday.

That takes the market value of the company to about $31 million – down from $40 million a day earlier and from $128 million just 10 months ago.

Ruralco has withdrawn its offer, indicating no further negotiations will be held between the two companies.

Elders had also put its Futuris car interiors business on the market, and is now negotiating with one of the three unnamed bidders to finalise a sale, it said on Tuesday.

The 174-year-old company put its two main businesses up for sale in 2012 as part of a strategy to pay off its massive debts.

Elders said it still has the support of its lenders despite the failed attempt to sell its rural services business.

The banks and Elders will now look at other options, such as restructuring of the business or refinancing its loans.