Outdoor apparel retailer Kathmandu has lodged a claim in the New Zealand High Court to recover costs associated following a hostile takeover bid from Briscoe Group last year.
Under Rule 49 of the New Zealand Takeover Code, Kathmandu is entitled to recover expenses totalling A$ 446,397.94.
The retailer launched an initial request for payment in November last year following which Briscoe reportedly made a payment of $637,711.65 in May this year.
Despite payments made, Kathmandu has issued a statement regarding its claim to remaining funds owed to the company.
“Kathmandu considers the full amount claimed is recoverable and has issued legal proceedings for the balance of monies owed.”
Briscoe Group Limited currently operates Briscoe Homeware, Living & Giving and Rebel Sport retail stores across New Zealand.