Cerebos Not to Increase Offer for Comvita

Cerebos Not to Increase Offer for Comvita

Cerebos New Zealand Limited (“Cerebos”) will not be increasing its offer price under its full takeover offer dated 8 November 2011 (the “Offer”) for all of the equity securities in Comvita Limited (“Comvita”). The offer price for the ordinary shares in Comvita under the Offer is $2.50 per share.

The Offer is due to close on 22 December 2011.

Cerebos Gregg’s Chief Executive Officer, George Crocker, says the decision follows careful consideration of all the factors investigated by Cerebos before the Offer was launched, as well as the Independent Adviser’s report.

“The Cerebos offer was priced on our understanding of the risks inherent in the operations of Comvita and the manuka honey industry and the risks and costs associated with achieving continued growth in Asia. In our view, these factors do not justify a price anywhere near the valuation range indicated by the Independent Adviser’s report.”

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