NZ's KMD Brands rises on refusing US co's Rip Curl brand offer

KMD Brands

24/03/2026 24:34

** KMD Brands KMD.NZ rises as much as 7.3% to NZ$0.205; set for second straight session of gains

** Outdoor clothing retailer confirms reports co received proposed offer from U.S. surfwear firm Stokehouse Unlimited

** Says Stokehouse recommends de-merging Rip Curl into separate NZX- and ASX-listed firms and merging Rip Curl with Stokehouse

** Adds Stokehouse shareholders to own 22% of merged entity, unfairly diluting KMD Brands shareholders; Stokehouse CEO Paul Naude to be CEO of combined entity

** Co's Board concludes proposed offer not in best interests of shareholders

** YTD, KMD down 31.6%

 (Reporting by Aamir Sheik Khalid in Bengaluru)

 ((Aamir.SheikKhalid@thomsonreuters.com))