20%+ profit downgrade.Quote:
https://www.nzx.com/announcements/431304
On 22 February 2024, Comvita Limited (NZX:CVT) advised it had received a highly-conditional unsolicited non-binding indicative offer (NBIO) from a credible offshore party to acquire all of its shares. The indicative offer price represented a significant premium to the prevailing share price.Comvita has provided the interested party with confidential access to the company and its information in order to undertake due diligence. A sub-committee of the Board was established to oversee this process, with advice from financial advisors Goldman Sachs, as well as legal advisors Chapman Tripp and Simpson Grierson.Throughout this process, the Comvita Board of Directors have maintained a tight focus on maximising value for shareholders, to enable the potential acquirer to appraise both the near term and longer term outlook for the company in its global markets.Comvita remains subject to confidentiality restrictions in respect of the NBIO and its engagement with the offshore party but will inform shareholders of material developments and any other matters, in accordance with its continuous disclosure obligations.The Board advises shareholders that there is no certainty that any transaction will eventuate from the NBIO process. As such, no action is required from shareholders at this time.
Looks to me like the potential bidder will be revising down the takeover price if it proceeds.