Comvita Accepts $56.4 Million Takeover Offer from Florenz

Comvita, the New Zealand-based exporter of Mānuka honey, has accepted a takeover offer from Florenz, a subsidiary of billionaire Mark Stewart‘s Masthead Limited. Valued at $56.4 million, the proposal offers $0.80 per share, marking a significant premium over Comvita’s recent share price.

The board of Comvita has expressed unanimous support for the offer, indicating strong backing from its two largest shareholders, China Resources Enterprise and Li Wang. Together, these shareholders hold 18.3% of the company. In addition, Comvita’s board has consulted with several institutional shareholders, all of whom have signaled their approval for the offer to be presented to the wider shareholder base for consideration.

The financial details of the deal indicate an equity value of approximately $56.4 million and an enterprise value of around $119 million. As of the market close on August 15, 2025, the offer represents a premium of 67% compared to Comvita’s closing share price at that time and a 56% premium relative to the company’s 90-day volume-weighted average price (VWAP).

Current trading conditions reflect a notable discrepancy, as Comvita shares closed at $0.48 per share last Friday. This offer stands out not only as a higher price than the current market valuation but also as a significant increase from the company’s trading peak over the past year, when shares reached as high as $1.20. Historically, Comvita’s shares have fluctuated, with previous highs exceeding $3.

Comvita’s acceptance of the offer from Florenz signals a potential shift in the company’s strategic direction, as it seeks to enhance shareholder value and navigate the competitive landscape of the Mānuka honey market. The outcome of this takeover bid will ultimately hinge on the approval of Comvita’s shareholders, who will have the opportunity to weigh in on this lucrative proposal.