Bremworth (NZE:BRW) has received a revised NZ$0.95 per share offer from Floorscape to acquire 100% of its shares, subject to shareholder and court approval and customary conditions, according to a Thursday filing with the New Zealand bourse.
The offer is seen as superior to Mangawhai Collective's proposed NZ$0.90 per share partial takeover of up to 55% of the company, as it provides a higher price and gives shareholders the option to fully exit rather than remain minority holders, per the filing.
The company's board sub-committee will consult shareholders before deciding by Sept. 8 whether to proceed with the revised scheme implementation agreement, the filing said.
Mangawhai has until Sept. 11 to submit a formal offer, with shareholders holding over 32% of the company having already signed lock-up deeds in support of the proposed bid, the filing added.
The company said Mangawhai Collective, which holds nearly 20% of the company shares, has indicated it will not support a revised offer from Floorscape, a separate filing showed.
The company's shares rose 15% in recent Thursday trade.