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Comvita Takeover Bid by Manuka Honey Rival Florenz Collapses
17 Nov
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"
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."
