Comvita takeover bid withdrawn

Navigation for News Categories

(file image)
Photo: Supplied

A takeover offer for New Zealand honey exporter Comvita is off the table.

Earlier this year, Comvita revealed it had been approached by an overseas bidder with a “highly conditional, unsolicited, indicative, non-binding proposal” to buy all shares in the company.

Comvita said the offer was a “significant premium” to its share price.

However, in an announcement on Thursday morning, Comvita said the bidder had advised the company it would no longer proceed with the offer.

“We proceeded with an extensive evaluation, working with our professional advisors, Goldman Sachs NZ, Simpson Grierson and Chapman Tripp,” Comvita chairperson Brett Hewlett said.

The company was committed to its long-term plans, Hewlett said.

“We are focussed on leveraging the underlying value of Comvita’s assets, its high-quality products and services, and we remain confident that Comvita is well-placed for success in the medium to long term.”