Stewart’s Comvita bid ain’t that sweet

Comvita’s board is supporting the takeover offer. (Image: Comvita)

Sat, 01 Nov 2025

The NZX is strewn with tales of value destruction. There are obvious examples, like My Food Bag (I think of the IPO as “My Bagholders”), and then there’s the tale of Comvita, the shares of which traded in the now-unbelievable $11.00 range in 2016. As of writing they can be had for 74 cents. That is a 93% decline, or 89% if you factor in the company’s share count between now and then. Now woolly-haired Mark Stewart and an investment vehicle associated with him, Florenz, would like to buy the whole thing for...

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