Shares in outdoor adventure gear retailer Kathmandu are sharply lower as the Briscoe Group's takeover offer remains unchanged and Kathmandu remains unmoved.
Kathmandu shares were down 8.00 cents, or 5.33 per cent, at $1.42 by 1113 AEST, after the company again advised shareholders reject the New Zealand retailer's offer.
Briscoe on Wednesday said it would not improve the value of its bid nor extend the offer period past the September 17 closing date unless it became unconditional as to the 90 per cent acceptance level.
Kathmandu's directors say Briscoe's cash-and-scrip offer, worth about $318 million in total, is inadequate and does not reflect the company's underlying value.
"Shareholders are advised to take no action in response to the offer," Kathmandu said in a statement on Thursday.
Kathmandu said that, under New Zealand's Financial Markets Conduct Act, a company was required to announce to the market any change in its total interest in listed securities where acceptance in respect of an offer representing one per cent or more are received.
"As at 2 September 2015, Briscoe Group has not announced the receipt of any acceptances of more than one per cent in relation to the offer to the New Zealand Stock Exchange," Kathmandu said.
Briscoe, which holds a 19.9 per cent stake in Kathmandu, on Wednesday said its offer price was still attractive and encouraged shareholders to lodge acceptances as soon as possible.
Kathmandu's profit dropped 53 per cent to $20 million in 2014/15, and it recently launched a review of its head office structure as it looks to turn around its performance.
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