Kathmandu Holdings Limited
(ASX:KMD) has once again reiterated to its shareholders not to accept a takeover bid from Briscoe Group, saying it grossly undervalues the company.
The New Zealand retailer refused to increase its $318 million offer for the outdoor retailer last week, saying it saw the offer as “attractive”.
The board of Kathmandu says the cash and scrip offer was unsolicited and timed to exploit the weakness in the company’s share price.
The offer will close on Thursday.
Kathmandu made a loss of $1.72 million in the first half of 2015.
