The David and Goliath battle for the control of a honey based health food company has reached a stalemate, with neither party willing to budge.

Conglomerate, Cerebos New Zealand, a multi national food giant owning brands such as Bisto, Greggs and Raro, has made a $71.6 million hostile takeover bid for Bay of Plenty based Manuka honey company, Comvita.

Cerebos has offered $2.50 a share but an independent evaluation has put the value of Comvita shares at around $3.40-$4.

Cerebos’ Australia and New Zealand CEO George Crocker has said the valuation isn’t credible.

He says the valuation ignores risks facing Comvita, such as disagreement between beekeepers over honey standards, a growing resistance to treatment by the Varroa mite, and a weak global economy.

Mr Crocker said Cerebos may just walk away and look at either acquiring another player, or at launching manuka honey products under its own brands banner.

But Comvita Chairman Neil Craig is ignoring the threat saying ‘I am not even going there’.

Mr Craig says Cerebos is just ‘thrashing around for reasons of putting in a low-ball offer’.