Transaction Type: Takeover (Full)
Offeror: Cerebos New Zealand Limited
Independent Adviser(s): Northington Partners Limited (Rule 22), Grant Samuel & Associates (Rule 21)
Offer dispatch date: 8/11/2011
Offer closing date: 22/12/2011
On 14 October 2011, Cerebos (New Zealand) Limited (Cerebos) issued a takeover notice to Comvita Limited (Comvita) indicating its intention to make a full takeover offer for all the equity securities on issue for Comvita.
The takeover offer was made on 8 November 2011, with Cerebos offering $2.50 cash per ordinary share and between $0.39 and $1.33 in cash for each redeemable share, depending on the date of issue.
In the target company statement, the Comvita independent directors recommended that shareholders reject the offer from Cerebos.
The offer lapsed on 22 December 2011.
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