Goldmans gives itself some wriggle room
Shareholder backtracks on statement rejecting takeover offer.
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Hawke’s Bay
Kathmandu [NZX: KMD] shareholder Goldman Sachs Asset Management has given itself some wriggle room to accept a takeover offer from Briscoe Group [NZX: BGR], after last week rejecting it as “grossly inadequate.”
In a statement published to the NZX, Goldmans said its previous statements were “an accurate reflection of GSAMA’s current intentions.”
“However, GSAMA will continue to be guided by what it considers to be in the best interests of its clients and reserves all of its rights to change its position in respect of the offer, whether on its current terms or otherwise.”
The firm controls a 12.9% stake in Kathmandu.
Last week Goldmans head of Australian equities Dion Hershan told the Sydney Morning Herald the bid price and structure were “grossly inadequate” and it would be rejecting the offer.
"We think Kathmandu is a great brand, it's a good business, but it's volatile," he said. "By their own admission they have had a very difficult fiscal 2015 and there were a variety of factors, none of which we'd consider would be permanent."
Tim Hunter
Mon, 10 Aug 2015
Mon, 10 Aug 2015
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Goldmans gives itself some wriggle room
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