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Comvita Rejects Cerebos
Comvita Rejects Cerebos
Comvita directors believe the company’s valuation should have been even higher than accorded to it in the independent advisor’s report attached to the company’s Target Company Statement in respect to the rejected $2.50 a share bid by global food group Cerebos, reports www.headliner.co.nz.
The clear message today to shareholders was to reject the Cerebos offer.
Opening a presentation to financial media this afternoon, chairman Neil Craig, who is also head of the powerful Craigs Investment Partners, promptly addressed the issue of the company’s variable earnings in recent years. He emphasised that at the same time Comvita had increased in size by 2.4x (over 5 years).
He attributed the near-term focus of the independent advisors, Grant Samuel & Associates, to the difficulty he believed any advisor would have in jumping in for a 2 week assessment. Craig said the implied EBITDA valuations were low in the view of the directors and did not reflect growth potential.
The full conference report is on www.headliner.co.nz.
ENDS
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