Cerebos will not sweeten its $71 million takeover bid for Comvita, a honey products company.
The Singapore food group has already threatened to quit its offer of $2.50 per share, saying Comvita's erratic earnings history mean it is not worth the $3.40 - $4 dollars per share estimated by a valuation report.
The offer is due to close on 22 December.
Cerebos Gregg chief executive George Crocker admits the chances of successfully acquiring Comvita are slim.
He says Cerebos is still interested in the manuka honey industry and is considering introducing itself to other players and using their honey to launch their own brands in Asia.
Comvita is adamant it is worth well over $4 per share. Chairman Neil Craig has said he would be happy if Cerebos walked away.
Comvita shares remain unchanged at $2.75 each on Tuesday.
