Friday 18th September 2015 |
Text too small? |
Briscoe Group's offer for outdoor clothing retailer Kathmandu Holdings has lapsed after attracting a paltry 2.27 percent of acceptances with a price that was at a steep premium to the market price.
The retailer controlled by managing director Rod Duke opted not to increase its offer, which amounted to $1.80 a share in cash and scrip. Before the offer was made, Kathmandu shares had traded at $1.39. They fell about 2 percent to $1.50 today.
The takeover bid was rejected by the Kathmandu board because it felt it undervalued the chain, which was put at between $2.10 and $2.41 by Grant Samuel’s independent assessment of the offer.
Briscoe's stake reverts to 19.9 percent, the most it can hold without making a full takeover. Briscoe stock last traded at $2.99.
BusinessDesk.co.nz
No comments yet
SPG - Change to Executive Team
BGI - Forgiveness of $200,000 of secured indebtedness
General Capital Subsidiary General Finance Market Update
AFT,Massey Ventures,Gilles McIndoe to develop scar treatmen
April 24th Morning Report
Cheers to many fewer grape harvest spills
GTK - Half-Year Results Announcement Date
Government ends war on farming
Sky and BBC Studios renew expanded, multi-year agreement
AOF - Q1 Improved Trading Performance & FY24 Guidance Maintained