NZ's Warehouse Group falls after calling off takeover talks

Warehouse

02/08/2024 05:43

** Shares of merchandise retailer Warehouse Group  WHS.NZ  fall
9.2% to NZ$1.28, their lowest since July 22
    ** Stock on track for worst day since March 23, 2023, if
losses hold
    ** Co calls off talks with Australian private equity firm
Adamantem Capital for a buyout offer after a key shareholder
declined to back it
    ** Co had received a buyout offer from Adamantem in July,
valuing it between NZ$518 mln-NZ$587.1 mln ($308.4 mln-$349.6
mln)
    ** The company's current market cap is NZ$489.2 mln, as per
LSEG data
    ** Stock has fallen 12.4% this year, as of last close

($1 = 1.6795 New Zealand dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))