Mercantile NZ Ltd.’s takeover bid of Kirkcaldie & Stains lapsed last week after shareholders were urged to not sell their holdings by the board of the company. The company is to be dissolved over the course of 2017.
Kathmandu’s shareholders have been waiting to hear how they should respond to a surprise takeover attempt from privately-held Briscoe Group since June. Briscoe then announced it had accumulated a 19.9 percent shareholding in Kathmandu, and presented a share offer in cash and scrip shortly afterwards. This morning, Kathmandu’s directors recommended that Briscoe’s offer be rejected, saying it is inadequate and opportunistic.
Heritage South Island department stores Arthur Barnett and H&J Smith boast 227 years in operation, collectively. They will merge from Monday onwards.