The directors of New Zealand drinks maker Frucor Beverages said on Thursday they were maintaining their recommendation to shareholders not to accept a takeover offer from French food group Danone.
Danone yesterday extended the time for acceptance of its NZ$2.35 a share offer for Frucor to January 4, 2002, but left the price unchanged.
Apart from the time extension nothing had changed, the directors said in a statement.
Expressions of interest were being received from potential purchasers and a competing bid could not be ruled out, they said in a statement.
Frucor shares last traded down two cents at NZ$2.37.
Danone's offer price was below the valuation range of NZ$2.53 to NZ$2.96 a share in an appraisal report by Grant Samuel and Associates, with the average broker research analyst valuations for Frucor at NZ$2.75 a share, Frucor said.
Danone had also been unsuccessful in attracting any significant acceptances beyond the 37.6 percent already offered by major shareholder Bain Capital and associated parties, and was still conditional on receiving 90 percent of Frucor shares, the directors said.
A further statement would be made by the directors by December 21, the latest date Danone can change or further extend the period for acceptances of its offer.