Australian soft drinks group, Coca-Cola Amatil, has extended the closing date for its takeover bid for the bottled water group, Neverfail Springwater from June 13 to June 20.

"CCA believes the offer is very attractive in light of Neverfail's recent profit downgrade and reflects our commitment to only acquire Neverfail at a price which meets CCA's financial hurdles. In the event that the offer for Neverfail is not successful, CCA would examine alternative options for entry into the HOD (home/office delivery) category," said Coca-Cola Amatil's managing director, Terry Davis.

At one stage, Amatil was thought to be reviewing its offer price for Neverfail, which has been formally rejected by the Neverfail board, in the light of the water company's profit forecast downgrade for 2003.

Neverfail is known to be seeking an alternative buyer and reports in Australia have suggested that the company's executives have met representatives from Danone and Nestle. As things stand, Amatil holds just under 15% of Neverfail.