Australian bottled water company Neverfail Springwater is reported to be looking for buyers in Europe, the US and Asia in an effort to ward off a hostile bid from Coca-Cola Amatil.
The company is believed to be targeting Pepsico water products company Ionics, Israeli firm Eden Springs and beverages and bottled water company Cott Corp, reports Dow Jones.
Coca-Cola Amatil launched an $280 million (€246 million) bid for Neverfail late last month, an offer that was described as inadequate by the target.
A Neverfail statement issued last Friday said: "The board has authorised a board subcommittee to consider the CCA offer and any other offers that may be received, administer the day-to-day running of this situation, and keep the market fully informed of any material developments."
Nestlé is one possible European option, though it remains unclear whether the Swiss group will consider putting in a bid for the firm.
Sydney-based Neverfail is Australia's largest home and office water supplier. It has about 65 per cent of the country's bottled water market, which could be attractive to international companies wanting to boost their regional presence.
The acquisition of Neverfail would certainly help increase Coca-Cola Amatil's share in the ever-expanding bottled water market. The company is looking to the bottled water markets of Australia and New Zealand as a more stable alternative to SARS-hit Asia.
However, Neverfail has urged shareholders not to take up Coca-Cola Amatil's offer until further notice and has indicated that the board will pursue all other options before any decision is made.