Just Water International's founder and major shareholder is planning a takeover offer because another bidder still can't make an unconditional offer after months of due diligence.
Tony Falkenstein plans to offer 15 cents per share, valuing the company at $13.4 million, for the nearly 30 percent of Just Water he and his associates do not already own.
Just Water was the first company to list on NZX's alternative market back in 2004 after a share sale at 50 cents per share.
The shares traded well above the float price in the early years but fell sharply through the global financial crisis and never recovered.
The shares last traded at 11 cents on Monday.
Mr Falkenstein said he wants to give Just Water's management certainty but he would not stand in the way if a third party were to make an acceptable and clean higher offer.
