Since Cerebos launched its $2.50-per-share bid in mid-September, Comvita stocks have traded beyond $2.70, which signals shareholders will be expecting a second higher offer.
In an update to Comvita shareholders yesterday, chairman Neil Craig reiterated his initial response to shareholders at the time not to sell.
The independent directors yesterday appointed Grant Samual as the independent appraiser of the Cerebos offer.
On the day of Cerebos' $2.50-per-share offer it carried a 25% premium on the previous month's share price average, and Cerebos said after delisting it would get an unspecified "significant and long-term" funding boost to increase marketing and research and development.
However, Mr Craig said the $2.50 bid puts "little or no value" on the innovation or development by Comvita, highlighting that six years ago offshore distribution was done by third parties but now Comvita's own staff handled about 90% of sales.
