The directors of Kathmandu Holdings Limited
(ASX:KMD) have voted unanimously to reject the takeover offer from Briscoe Group.
The offer with an implied value of NZ$1.80 per share was deemed inadequate with an independent advisor saying the true underlying value of the shares was between NZ$2.10 to NZ$2.41.
Kathmandu labelled the takeover offer as opportunistic in light of recent trading challenges and said Briscoe can afford to offer a lot more.
A trading update shows revenue rose 4.2 per cent however net profit was down 50 per cent on the back of aggressive clearance of excess inventory and increased operating expenses.
Kathmandu reported a net loss of $1.72 million for the six months to the end January 2015.
