The Australasian soft drink bottler and producer Coca-Cola Amatil has said it will not raise its bid for Neverfail Springwater again unless a rival bidder appears.

Yesterday, Neverfail's board rejected an improved bid from Amatil of A$2.35 a share, up from the initial offer of A$2.25.

Neverfail said it was holding out for a bid of A$2.55 and it is believed the board is still in talks with potential rival bidders, although no offer has been forthcoming so far.

C-C Amatil said Neverfail investors now had a clear choice. They could either take the cash offer or risk a weaker share price.

Independent experts value Neverfail between A$2.49 and A$2.80 a share. However, C-C Amatil remains confident it will ultimately prevail.

C-C Amatil already holds 14.99% of Neverfail and has regulatory approval to buy more. The A$2.35 offer hinges on it getting 50.1% of Neverfail by Friday.