Veteran corporate raider Sir Ron Brierley has admitted defeat over his company's takeover attempt of former Wellington department store Kirkcaldie & Stains.
Kirkcaldie & Stains on Lambton Quay. Photo: Wikicommons
Mercantile Investments had offered $3 per share to shareholders.
From the beginning, Kirkcaldies' directors told shareholders the Brierley-led company was being opportunistic and trying to buy the remnants of the retailer on the cheap.
The original offer of $2.75 was raised to $3 and the deadline extended to the middle of this month.
But Kirkcaldies had managed to get itself out of some costly leases, and the directors said it could be worth as much $3.50 a share.
Mercantile was not budging any higher, and said this morning that the offer had failed to gain sufficient traction and had lapsed.
The Lambton Quay premises is currently being renovated and turned into a David Jones store.
