New Zealand retailer Briscoe will not increase its takeover offer for outdoor goods and clothing chain Kathmandu.
Kathmandu's directors have advised shareholders to reject Briscoe's cash-and-scrip offer of about $A318 million on the grounds it undervalues the company.
But Briscoe's managing director Rod Duke is not budging, saying the original offer remains on the table.
When asked if Briscoe had ruled out increasing the price he told AAP: "Right now, we think the offer is sufficient to get the deal done".
Shareholders have until September 17 to accept the deal.
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