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Bremworth Board Recommends Shareholders Accept Mangawhai Collective Offer

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Bremworth's (NZE:BRW) board recommends that shareholders accept a partial takeover bid from Mangawhai Collective as the price is within the valuation range provided by independent advisers and the offer is highly likely to proceed, according to a Thursday filing with the New Zealand bourse.

Mangawhai has offered to acquire an additional 43.94% of the Bremworth shares that it does not already own for NZ$0.90 per share.

In its target statement, Bremworth said shareholders controlling about 32.24% of its voting rights have entered into lock-up deeds to accept the offer. When combined with other acceptances, the minimum acceptance condition of 55% will be met.

The proposal allows shareholders to realize certain value now, "at a time when the future market price of Bremworth shares is uncertain," the company said.

It added that, while the Mangawhai offer is not the highest-value outcome for shareholders compared with a separate Floorscape proposal, it carries a "very high likelihood" of becoming unconditional.

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