Brierley's tilt at cashed-up Kirkcaldie lapses after shareholders reject offer

Sun, 12 Jun 2016

By Sophie Boot June 13 (BusinessDesk) - Veteran corporate raider Ron Brierley's bid for Kirkcaldie & Stains has lapsed after he failed to attract enough acceptances from shareholders of the cashed-up retailer. Kirkcaldie's board of directors repeatedly advised shareholders not to accept Mercantile's offer, which was initially $2.75 per share but was increased to $3 per share in April. Mercantile is the third-largest shareholder in Kirkcaldie, which operated the upscale Wellington department store now being redeveloped as the first New Zea...

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