Speciality milk producer A2 Milk says it still hasn't heard from a consortium about a potential takeover offer.
In an update to investors, A2 said its largest shareholder, Australia's Freedom Foods, and its partner, American Dean Foods, have not responded since the company knocked back their expression of interest, which the two firms made in June.
A2's board had signalled the proposed offer was less than compelling, and it would not be recommending it to shareholders.
The company said while the proposed expression of interest has not been withdrawn, no takeover offer was imminent.
The company's stock fell 5 cents to 65 cents.