Tensions Rise Among Comvita Shareholders as Florenz Takeover Debate Intensifies

Highlights:

• Comvita Limited (NZX: CVT) faces internal shareholder conflict over the 80 cents per share takeover bid from Florenz.
• A major investor warns that delaying the deal could damage the brand and put hundreds of jobs at risk across the company’s operations.
• Opposing shareholders argue the offer undervalues Comvita, believing the business is positioned for a longer-term performance recovery.

Comvita Limited (NZX: CVT) is facing renewed shareholder tensions as debate heats up over the proposed takeover bid from Florenz, with one of the company's major investors warning that resistance to the offer could jeopardise both the brand and jobs within the business. At the time of writing, the offer remains under consideration through a court-supervised scheme of arrangement.

Major Investor Backs Florenz Offer

A significant shareholder has publicly criticised a group opposing the 80 cents per share bid, arguing that delaying the transaction could cause lasting damage to Comvita’s reputation in the global mānuka honey market. The investor expressed concerns that the company’s existing strategy has not delivered adequate performance improvements, and that ongoing uncertainty risks weakening relationships with international distributors and retailers.

The Florenz proposal, which has been endorsed by Comvita’s board, aims to provide capital stability and support restructuring of the business after several challenging financial years. Comvita has faced margin pressure, supply volatility and heightened competition in key export markets.

Opposition Group Seeks Better Valuation

However, shareholders against the bid argue that 80 cents per share undervalues the brand’s long-term potential, pointing to recovery signs in global demand and Comvita’s recently improved operating efficiencies. They believe the company is positioned for a turnaround and that selling now locks in value at a cyclical low.

Brand and Employment at Stake

The supporting shareholder cautioned that prolonged uncertainty could harm brand equity carefully built over decades and put several hundred jobs at risk across production, packaging and export operations. Market observers note that this debate reflects broader tensions between short-term certainty and long-term value expectations.

With a shareholder vote approaching, the outcome is expected to be closely watched across New Zealand’s food export sector.

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