NZ's Warehouse Group confirms buyout bid from Aussie private equity firm (updated)

Warehouse

22/07/2024 23:33

(Updates throughout with details of the deal)
       July 23 (Reuters) - New Zealand's Warehouse Group
 WHS.NZ  said on Tuesday it had received a buyout proposal from
Australia-based private equity firm Adamantem Capital Partners.
    The all-cash bid values the merchandise retailer between
NZ$518.0 million ($309.61 million) and NZ$587.1 million. 
        It offers Warehouse shareholders between NZ$1.50 and
NZ$1.70 per share, with the upper end representing a 17.2%
premium to the stock's closing price on July 22.
  
    Warehouse's founder and major shareholder, Stephen Tindall,
earlier in the week joined Aussie investment manager Adamantem
in considering a move to buy the New Zealand-based retailer.
    Warehouse also said Adamantem Capital had not received any
commitments from other shareholders to vote in favor of the
proposal at this time.
    Adamantem Capital did not immediately respond to a Reuters
request for comments.
    "The proposal notes that Sir Stephen Tindall, The Tindall
Foundation and trustees of certain trusts associated with Sir
Stephen Tindall support the proposal," the company said.
    
    
    

($1 = 1.6731 New Zealand dollars)

 (Reporting by Roshan Thomas in Bengaluru; Editing by Alan
Barona and Devika Syamnath)
 ((Roshan.Thomas@thomsonreuters.com;))