Briscoe Group offer for Kathmandu lapses, holding reverts to 19.9%
Rod Duke opted not to increase its offer.
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Hawke’s Bay
Briscoe Group's [NZX: BGR] offer for outdoor clothing retailer Kathmandu Holdings [NZX: KMD] has lapsed after attracting a paltry 2.27% 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% 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%, the most it can hold without making a full takeover. Briscoe stock last traded at $2.99.
(BusinessDesk)
Jonathan Underhill
Fri, 18 Sep 2015
Fri, 18 Sep 2015
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Briscoe Group offer for Kathmandu lapses, holding reverts to 19.9%
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