Market research
In a statement to the Australian Stock Exchange, Neverfail said it "continued to recommend that shareholders reject the conditional offer of A$2.35 per Neverfail share from CCA."
Neverfail directors said the new bid was below a "fair-value range" of between A$2.49-A$2.80 recommended by independent experts.
On Friday, Amatil increased its offer price for Neverfail from A$2.25 to A$2.35 per share, with the bid now valuing Neverfail at around A$226m (A$152m), 4.6% higher than Amatil's original offer.
The offer hinges on C-C Amatil, which owns 14.99% of Neverfail, getting 50.1% by Friday.
Neverfail said that in the event that C-C Amatil acquired more than 50.1% but less than 90%, it "will continue to recommend that shareholders do not sell their shares."
Companies: Coca-Cola Amatil