The Perich family-owned investment company Arrovest has indicated that it does not intend to increase its market bid of AUD0.50 (US$0.38) per share in its attempt to acquire shares in So Natural Foods Australia.

Arrovest said that it would not increase its offer or extend the offer period unless another bid is announced or made in the last five days of the offer period.

In July, the So Natural board called on shareholders to reject Arrovest's bid, describing it as "opportunistic" in light of the company's improving financial performance "and aims to acquire So Natural shares at a price significantly below the value range ascribed by the independent expert".

The company's shares closed today (18 July) at AUD0.51.