The takeover battle between Macquarie and Roc Partners for Costa fruit orchard landlord Vitalharvest ramped up on Thursday after the Sydney private equity firm delivered on its promise to submit a binding and superior offer for the ASX-listed trust by the end of March.

Perpetual’s The Trust Company, the responsible entity of Vitalharvest (VTH) said late on Wednesday it had received a proposal “which is expressed to be binding, from Roc Private Equity Pty Ltd”.