What happened to Comvita's takeover bid by Florenz?

Comvita's proposed takeover by Manuka honey rival Florenz failed to get the required shareholder approval, leading the two companies to mutually agree to terminate the deal.

How is Comvita addressing its financial challenges?

Comvita is exploring recapitalization options, including a "recapitalization process," to stabilize its business and position it for future growth. The company has faced sustained pressures in the Manuka honey sector.

What were some of the key issues Comvita was facing?

Comvita has struggled with "softer market conditions and the demands of a complex turnaround," as well as "oversupply, price and demand volatility, and intense competition, including online" in the Manuka honey sector.

Home / Business and Economy / Comvita Takeover Bid by Manuka Honey Rival Florenz Collapses

Comvita Takeover Bid by Manuka Honey Rival Florenz Collapses

17 Nov, 2025

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Summary

Comvita-Florenz takeover deal fails to get shareholder approval
Comvita seeking recapitalization options to stabilize business
Comvita facing "sustained sector pressures" and "intense competition"

Comvita Takeover Bid by Manuka Honey Rival Florenz Collapses

On November 17, 2025, New Zealand-based Comvita announced that its proposed takeover by Manuka honey maker Florenz has been terminated after failing to gain shareholder approval. The so-called "scheme of arrangement" was not approved by a majority of Comvita shareholders at a meeting held the previous Friday.

Comvita's board chair, Bridget Coates, stated that the company is now "continuing to advance alternative options, including a recapitalization process." This comes as Comvita has faced sustained challenges in the Manuka honey sector, including "oversupply, price and demand volatility, and intense competition, including online."

In recent years, Comvita has struggled with "softer market conditions and the demands of a complex turnaround." The company reported a net debt of NZ$67.4 million as of the first quarter of fiscal 2026, though it managed to generate an EBIT profit of NZ$0.7 million, an improvement from the NZ$2.8 million loss in the same period a year earlier. Comvita is now working to secure a recapitalization solution that can "stabilize the business" and "position it to grow again."