AUCKLAND: Comvita Limited, the global leader in Mānuka honey and bee consumer goods, has announced that it has received a non-binding indicative offer (NBIO) from an undisclosed offshore party to acquire all of its shares.
The offer price is said to be a significant premium to the current share price of Comvita, which closed at $7.50 on Wednesday.
The offshore party has indicated that it would prefer to implement the acquisition by a negotiated scheme of arrangement, subject to various conditions.
Comvita’s board has engaged Goldman Sachs as its financial adviser and Simpson Grierson and Chapman Tripp as its legal counsel to assist with the evaluation of the proposal.
The board has also granted the offshore party access to further due diligence information, after an initial exchange of information confirmed the party’s interest.
However, Comvita has cautioned its shareholders that there is no certainty that the NBIO will lead to a formal transaction, and that they do not need to take any action at this stage.
The board has pledged to keep the shareholders and the market informed of any material developments in accordance with its continuous disclosure obligations.
Comvita, founded in 1974/5, has a vision to heal and protect the world through the natural power of the hive. It has a team of over 600 people globally, and more than 1.6 billion bees. It is the market leader in Mānuka honey and bee consumer goods, with operations in Australia, China, North America, Southeast Asia, Europe, and New Zealand. It has a strong commitment to sustainability, quality, and social responsibility, and was certified as a B Corp in 2023.
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