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FINWIRES

Bremworth Rejects Floorscape Offer Amid Lack of Shareholder Support

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Bremworth (NZE:BRW) declined Floorscape's revised NZ$0.95-per-share offer after major shareholders indicated insufficient support despite the bid being above Mangawhai's NZ$0.90-per-share partial offer, according to a Monday filing with the New Zealand bourse.

The Floorscape scheme implementation agreement has, therefore, been terminated, allowing the company to proceed with Mangawhai's partial offer process, per the filing.

The company will issue its target company statement, including the directors' recommendation and independent adviser's report, by Sept. 18 and strongly urges shareholders to take no action until they have reviewed the documents, the filing added.

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