Kathmandu is sticking with its recommendation that shareholders reject the takeover offer from Briscoe Group, saying again that the offer is inadequate and does not reflect what Kathmandu is worth.
This comes after Briscoe Group managing director Rod Duke said he would not up his offer price for the company meaning the takeover may have stalled indefinitely.
Kathmandu's board said under the Financial Markets Conduct Act a company has to announce to the market any change in its listed securities when there's acceptance of 1 per cent or more of a takeover offer. As at September 2, Briscoe had not made such an announcement to the NZX.
In a statement yesterday the company said it was also not going to extend the offer period, which closes on September 17, and still considered its offer for Kathmandu to be a good one.
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