New Zealand's largest manuka honey producer's voted down a richlister takeover bid - leaving its fate in limbo

Comvita received an offer of 80-cents-per-share in August from Florenz - a subsidiary of Christchurch billionaire Mark Stewart's Masthead Limited.

BusinessDesk reports the deal's now dead in the water - after it failed to get enough shareholder support at today's special meeting in Auckland.

That's despite Comvita's board and it's two largest shareholders backing it.

Now the company's turning its attention to executing a capital raise - with the board intending to advise on the option before year-end.