The Briscoe Group has confirmed that it has made a move on Kathmandu and will seek to take it over. The Briscoe Group is a New Zealand based retailer who’s major shareholder is Rod Duke and has an existing 19.9% share of Kathmandu.
Briscoe also owns a large number of other retail stores including Rebel Sports and homeware stores.
The company has made an official offer of $324 million for Kathmandu Holdings. If a takeover is successful, The Briscoe Group plan to float the company on the Australian stock exchange. To successfully take over the company, support from Kathmandu‘s shareholders is required.
At this stage, Briscoe has not provided any expected financial estimates of what the combined group could achieve due to the lack of information available on Kathmandu’s current trading position.
Kathmandu generally perform better during colder periods and with the current cold snap hitting the country, it is likely performing well.