Briscoe Group offer for Kathmandu lapses, holding reverts to 19.9%

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

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

CHATHAM ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Radius Care Upgrades FY26 Outlook
June 13th Morning Report
June 12th Morning Report
PGW Governance Update
June 11th Morning Report
Genesis streamlines its retail business to accelerate Gen35
CVT - Comvita announces CEO transition
RAD - Radius Care Annual Meeting and Director Nominations
June 9th Morning Report