Briscoe Group’s offer to takeover Kathmandu is still on the table, unchanged from the original proposal made public in June.
The New Zealand retailer released a statement saying it will not be increasing the offer price, nor will it extend the offer period beyond September 17, 2015.
“Briscoe Group considers that its offer price is attractive, and sees no reason to increase it. It encourages all Kathmandu shareholders to lodge their acceptances as soon as possible,” the company said.
Kathmandu responded, advising shareholders to reject the unchanged offer for a second time, stating “the offer is inadequate and does not reflect the underlying value of Kathmandu.”
The Kathmandu board initially advised shareholders to reject the offer, which is worth more than $300 million, because it ‘undervalued’ the business.
Briscoe Group, which owns a 19.9 per cent stake in Kathmandu, maintains its proposal fully reflects the value of Kathmandu shares.
Kathmandu recently announced it would cut up to 10 per cent of its head office staff in Australia and New Zealand as the company undergoes a strategic review to turn its fortunes around.
