Bremworth faces competing takeover bids from Mangawhai and Floorscape

Bremworth Limited, a New Zealand wool carpet manufacturer, is facing competing takeover bids. Mangawhai Collective Limited, led by David Ferrier, has formally launched a partial takeover offer to acquire 43.94% of the shares it does not currently own at NZ$0.90 per share. Mangawhai already holds a 19.73% stake in the company.

In contrast, Floorscape Limited, a subsidiary of the multinational company Mohawk, has presented a revised bid of NZ$0.95 per share for 100% of Bremworth. David Ferrier has expressed confidence in his proposal, characterizing the Floorscape offer as “dead on arrival” due to concerns that a multinational takeover would lead to the rationalization of plants and job losses in New Zealand.

The Bremworth board has appointed Clarien Partners as an independent adviser to assess the merits of the Mangawhai offer. Shareholders have been urged to take no action until the company issues a Target Company Statement, expected by September 18. The Mangawhai offer remains open for acceptance until October 2, subject to several conditions.