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New Zealand’s largest mānuka honey producer Comvita is eyeing a company sale, amid challenging times in the global honey sector.
The listed health and wellness company announced on the NZX on Monday morning that its board voted in favour of a bid by Florenz, a subsidiary of investment firm Masthead, to buy the struggling business that just celebrated 50 years in operation.
The bid would see shareholders receive a cash price of $0.80 per share, representing an equity value of $56 million and an enterprise value of $119m.
The proposed sale would privatise the listed company.
The takeover offer came amid extremely challenging times for the company and the wider honey sector in recent years, as international…