Briscoe Group's attempted takeover of outdoor adventure retailer Kathmandu has stalled after the offer closed with the New Zealand company having increased its stake by just 3.6 per cent.
Kathmandu's board advised shareholders to reject Briscoe's $318 million cash and scrip offer and Briscoe said on Thursday it has increased its stake from 19.9 per cent before the bid to 23.5 per cent.
Briscoe has said it will not improve the value of its bid nor extend the offer period past Thursday unless it became unconditional as to the 90 per cent acceptance level.
Kathmandu's shares closed at $1.39 on Wednesday, down more than 60 per cent in the last 18 months.
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