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FINWIRES

Bremworth Receives Partial Takeover Bid From Mangawhai Collective

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Bremworth (NZE:BRW) has received notice of a proposed partial takeover from Mangawhai Collective, which is seeking to acquire nearly 44% of the company's shares at NZ$0.90 each and potentially increase its voting stake to 55% from roughly 20%, according to a Monday filing with the New Zealand bourse.

The offer, if made, would exclude any dividends or other distributions and could be scaled back, so shareholders may not be able to sell all their shares at NZ$0.90, per the filing.

The bidder has already secured lock-up commitments covering over 32% of the voting shares, the filing said.

The company's board has established a sub-committee to oversee its response and strongly recommends that shareholders take no action until further guidance is provided, the filing added.

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