Comvita, the honey-based health food company, whose shareholders have been advised to reject a hostile takeover bid by conglomerate Cerebos New Zealand, has had the value of its shares increased by 60 per cent.

But independent directors of the NZX-listed company are still saying that figure is too low.

Cerebos New Zealand has offered shareholders $2.50 per share but advisor Grant Samuel has valued Comvita between $3.40 and $4.00 a share.

Comvita Chairman Neil Craig said in a statement that this is not the time to sell your shares.

He said if a buyer emerges willing to fully recognise the potential of Comvita, they would assess the offer and report to shareholders.

The company is expected to make an annual profit of somewhere between $7 and $8 million.