Investment and advisory group Grant Samuel has been appointed to appraise the $71.6 million takeover bid by Cereboz Greggs for listed manuka honey products manufacturer Comvita.
The coffee and food giant is offering $2.50 a share for Comvita, a bid that Comvita has rejected outright.
The board has urged shareholders not to sell, calling the bid unsolicited, unwelcome and opportunistic.
Comvita's shares closed at $2.70 each on Monday, indicating investors expect Cerebos to up its offer.
