Retailer the Warehouse Group has announced it will not proceed with a proposed $590 million takeover by Australian private equity firm Adamantem Capital.
Despite backing from company founder Sir Stephen Tindall, the bid failed to secure the necessary shareholder approval.
A major shareholder is said to have disapproved the terms, thereby denying the required 75% support.
The Warehouse Group, which encompasses brands like The Warehouse, Warehouse Stationery, and Noel Leeming, remains open to future proposals, according to reports.
Tindall and the Tindall Foundation currently hold 48% of the company’s shares, while the James Pascoe Group have a nearly 20% stake.
I Don’t Know if NZ’s Economy Can Recover From This…
https://www.youtube.com/watch?v=lQvO_BJZfWU
Labour government is all you need to know. Robertson/Ardern/Hipkins are 100% responsible for this train wreck.