Florenz Limited enters into Scheme Implementation Agreement to acquire Comvita Limited (NZSE:CVT) from Li WANG, China Resources Beer (Holdings) Company Limited and others for NZD 56.4 million on August 17, 2025. A cash consideration of NZD 56.39 million valued at NZD 0.8 per share will be paid by Florenz Limited. As part of consideration, NZD 56.39 million is paid towards common equity of Comvita Limited. In case of termination of transaction, Florenz Limited will pay a termination fee of NZD 0.56 million and seller will pay a termination fee of NZD 0.56 million. The transaction is subject to approval of offer by target shareholders and subject to approval by the High Court of New Zealand. As of October 16, 2025, Comvita Limited responded to media report clearing that at this time, no information has been provided to Comvita to support these statements made by Bougen who representing a syndicate of shareholders who purport to have sufficient shareholder support to veto the Scheme vote and to provide active and committed support for a funding proposal and no funding proposal has been received from this group. As of November 11, 2025, Comvita provided update on voting. As of November 10, 2025, 55.9% votes for acquisition and 40.7% votes against acquisition. As of November 11, 2025, 55.5% votes for acquisition and 42.3% votes against acquisition. As of November 12, 2025, 53.7% votes for acquisition and 39.8% votes against acquisition.
MUFG Pension & Market Services Limited acted as transfer agent/registrar for Comvita Limited. Michael Pritchard of Mayne Wetherell acted as legal advisor for Florenz Limited. Andrew Matthews of Simpson & Grierson acted as legal advisor for Comvita Limited. The Goldman Sachs Group, Inc. acted as financial advisor to Comvita Limited. Craigs Investment Partners Limited, Investment Banking Arm acted as financial advisor to Comvita Limited.
Florenz Limited cancelled the acquisition of Comvita Limited (NZSE:CVT) from Li WANG, China Resources Beer (Holdings) Company Limited and others on November 17, 2025. The scheme implementation agreement has terminated by mutual agreement between the parties as scheme has not been approved by the requisite majorities of shareholders.
Comvita Limited is engaged in manufacturing and marketing nature health products, apiary ownership and native forest management. It is also involved in research, manufacturing and distributing manuka honey, bee products, and olive leaf products. It segments include Greater China, Australia, and New Zealand (ANZ), Rest of Asia, North America, and Europe, Middle East, and Africa (EMEA). Its product category includes Kids Health, Manuka Honey, Medihoney, Olive Leaf Extract, Oral Care, Propolis, Bundle Packs, Elixirs and Lozenges, and Gourmet Honey. Its products under Kids Health include Children's Manuka Honey Elixir, Kids Honey, and Kids Day-time Soother Bundle, and others. Its products under Manuka Honey include Manuka Lovers Luxury Pack, Manuka Blend Honey, and Manuka Blend Honey MGO, and others. Medihoney Wound Gel is its Medihoney product. Its Olive Leaf Extract products include Manuka Honey Lozenges Olive Leaf Extract and Manuka Honey Lozenges Olive Leaf Extract 12 Lozenges.
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