NZX-listed honey maker Comvita will not proceed with the sale of the company to an offshore party, which the Australian Financial Review earlier identified as CVC Capital Partners.
“The board considered the proposal worthy of careful consideration due to the significant premium to its share price and the credibility of the party,” said Brett Hewlett, Comvita chairman in a statement on Thursday.
Hewlett noted that the company underwent an extensive evaluation with its professional advisors – Goldman Sachs NZ, Simpson Grierson and Chapman Tripp.
“We remain committed to our long-term strategic plan, while being responsive to near-term market conditions,” said Hewlett.
“We are focused 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.”
Comvita said last February that it received a highly conditional, unsolicited, indicative, and non-binding proposal from an offshore company to acquire all of its shares.
Earlier this month, Comvita said it provided the bidder with confidential access to its information to undertake due diligence.
