16 Jun 2014

Change to Comvita NZ Honey deal

8:27 am on 16 June 2014

Comvita will pay more cash and less stock for the $12.3 million purchase of Timaru-based New Zealand Honey.

After talks between the two sides, Comvita is now offering $3 million more in cash, taking it to $10.3 million, while dropping the proportion of shares from $5 million to $2 million.

The completion of the deal has also been delayed by a couple of weeks.

Comvita chief executive Brett Hewlett said the new arrangement suited both sides.