Frucor's independent directors are standing firm in their rejection of the takeover offer from French giant Groupe Danone, reports the New Zealand Herald this week.
On Wednesday, Danone extended the deadline for its $2.35 a share offer until January 4. It was the second extension.
In a letter sent to shareholders yesterday, the chairman of Frucor's independent directors' committee, Ian Donald, reiterated that the offer price was too low and lay outside the independent valuation of $2.53 to $2.96 a share.
"Expressions of interest continue to be received from potential purchasers and the independent directors have therefore still not ruled out a competing bid emerging," he said.
Analysts did not know who the potential Danone rivals were.
Danone has already acquired almost 38 per cent of Frucor, after major shareholder Pacific Equity Partners agreed to sell its stake. Frucor chairman Simon Pillar and director Rickard Gardell have also accepted the offer for their personal shareholdings.
Frucor shares were $2.37 each at the close of trade yesterday.