[16 April/NZ Herald]

Comvita foreshadowed that it may be the subject of a takeover offer from an unidentified third party. It emphasised the possible acquisition was an incomplete transaction proposal currently and that there was no certainty that any offer would be forthcoming. The potential takeover was disclosed alongside a downgrade to its earnings forecast. A further update is expected by mid-May and the due diligence was moving towards a conclusion, according to a statement by Comvita. Comvita warned that its earnings are expected to be between $8 and $11 million which was down from an earlier forecast of $17.1 million due to adverse weather. Comvita Chief Executive, Scott Coulter, said they had completed 80 percent of the honey extraction for the season. He noted the poor harvest had a direct impact on its apiary business profitability for the current financial year.