Kathmandu reiterates Briscoe bid rejection

Kathmandu reiterates its rejection of the offer from Briscoe which has received acceptances for just 2.3 pct of share capital, but won't raise its bid.

Kathmandu has reiterated its advice to shareholders to take no action on Briscoe's takeover offer. (AAP)

Outdoor adventure gear retailer Kathmandu has reiterated its advice to shareholders to take no action on Briscoe Group's takeover offer.

Briscoe on Monday said it had received acceptances for just 2.3 per cent of share register to date. It has declined to increase the offer price or extend the offer date beyond September 17.

Kathmandu on Tuesday said its directors continued to believe that the offer is inadequate and does not reflect the underlying value of the company.