COURT FOR HOSTILE TAKEOVER

Outdoor apparel specialist Kathmandu has lodged a claim with the New Zealand High Court to recover costs incurred by a hostile takeover bid from Briscoe Group last year.

Under Rule 49 of the New Zealand Takeover Code, the retailer is entitled to recover expenses which amount to more than $450,000. Kathmandu initially sent a request to Briscoe Group in November last year, to which the group reportedly made payment of over $600,000 in May. However, Kathmandu is still seeking further payment.

“Kathmandu considers the full amount claimed is recoverable and has issued legal proceedings for the balance of monies owed,” said the company in a statement.