Cerebos: Co. makes hostile NZ$71.6m or $72.5m takeover bid for NZ-listed honey products Co Comvita. NZ$2.50/shares offer price represents a 19% premium to Comvita's closing price last Friday. Offer is conditional on 90% acceptance and certain other conditions, and if successful, Comvita will be delisted.
Cerebos, which had $153m in cash at 1H11, intends to take a long-term perspective, focusing on sales growth and delivering shareholder value. Comvita's independent directors however has advised shareholders not to sell, and highlighted the offer is "unsolicited, unwelcome, opportunistic and its directors have reason to believe this offer undervalues Comvita by a considerable margin.
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