The Warehouse Group has confirmed receipt of an unsolicited proposal from Adamantem Capital Management to acquire the company for NZ$1.50 to NZ$1.70 per share.
The Warehouse Group founder Stephen Tindall, The Tindall Foundation, and trustees associated with Tindall support the proposal and will remain invested in the company through reinvesting a portion of their consideration in Adamantem Capital.
The reinvestment will result in the founder shareholders to own up to 50 per cent of the acquirer.
The group noted that there is no indication yet from Adamentem Capital that any shareholder has committed to vote in favour of the offer.
In order to proceed, the proposal must secure 75 per cent of votes of shareholders in each interest class entitled to vote.
The Warehouse Group, however, said that no action from shareholders is required at this time.
The company has appointed Jarden New Zealand to advise on the proposal and its subcommittee intends to appoint an independent expert to evaluate the offer’s merits.
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