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

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June 25th Morning Report