The chief executive of the company seeking to takeover Paengaroa based manuka honey products business Comvita says it is 'not a company that we are prepared to buy at any cost”.

Comvita's operation is international with this photo showing a Hong Kong store.

Cerebos Pacific's George Crocker made the comment at a news conference today where he damned the independent directors' valuation of Comvita's shares at $3.40 to $4.

Singapore based Cerebos made an offer to shareholders in October to purchase shares at a price of $2.50 each.

The bid was opposed by Comvita board of directors chairman Neil Craig who declared shareholders must wait for an independent directors report before making a decision.

That report was released last week and valued the shares at between $3.40 and $4, although the market has the shares trading at just under $3 on the NZX.

At today's news conference George said the independent report was 'not credible at all”.

Comvita has forecast a normalised profit of $7.3million to $8.2m and sales of $91m to $95m for the year ending March 31.

There was a 45-day offer period on Cerebos' deal to allow other potential buyers the opportunity to make a counter bid, but George says it is unlikely this is going to happen.

'If another party is interested, I don't know what they are waiting for.”

The bid lapses on December 7.

Read about Comvita's growth from a basement business to an international success in this month's Coast and Country – delivered to rural addresses this week.