Comvita's shares drop 10% after bidder pulls out

Comvita chairman Brett Hewlett. (Image: NZME)

Thu, 30 May 2024

Comvita's share price fell more than 10% in early trading on Thursday after it said its potential offshore bidder had pulled out.The NZX-listed honey company received the unsolicited bid in February. It said the bid was to buy the shares at a significant premium to its share price but didn't give a figure.However, it told the market on Thursday the party that approached it with a “highly conditional, unsolicited, indicative, non-binding” offer had advised it would not proceed.Shortly after the market opened, its shares were...

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