Cerebos Pacific says it may "just walk away'' from its takeover bid for New Zealand-listed Comvita.|
Singapore-based Cerebos had originally offered $2.50 a share for the company specialising in health and skincare products derived from manuka honey.
Comvita has steadfastly opposed the bid, and its independent directors said a valuation by independent adviser Grant Samuel put the value of the its shares at between $3.40 and $4.
Cerebos' local chief executive George Crocker said the independent report was "not credible at all'' and if it raises its offer, it will not be within that range.
Te Puke-based Comvita has forecast a normalised profit of $7.3million to $8.2m and sales of $91m to $95m for the year ending March 31.