Kirkcaldie & Stains’ board has asked shareholders to rebuff 78-year-old investment veteran Sir Ron Brierley’s increased bid for the remains of the former retailer. It says Brierley’s offer is too low to recommend to shareholders and a liquidation would be more rewarding.
Briscoe Group has announced its first-half profit increased 11 percent, but despite its success, Kathmandu shareholders aren’t biting. The retailer has revealed that it has gained just 2.3 percent of the 80.1 percent of Kathmandu shares it doesn’t own in its takeover attempt.
The saga of Briscoe Group and Kathmandu’s takeover battle continues as Mark Todd resigns from his role as Kathmandu’s chief operating officer. He has been with the company for 17 years and was acting chief executive through most of the 2015 financial year.
Kirkcaldie’s shareholders have voted overwhelmingly to sell the historical brand and lease the store to Australian retailer David Jones. Chairman Falcon Clouston says the sale is proof of how tough retailing has become, particularly with a single, large format store like Kirkcaldie & Stains.
Briscoe Group has announced a takeover offer for the remaining 80.1 percent Kathmandu shares it doesn’t already own. It is offering 89.7 million of its own shares and $32.3 million cash. This would make the group a formidable retail presence in both New Zealand and Australia.