Embattled surfwear etailer Surfstitch has advised a $55 million takoever offer is "not in the best interests of the company."
The etailer revealed it has fielded a number of unsolicited offers, including a 100% takeover bid from online information platform Coastalwatch.
Coastalwatch is offering 20 cents per share for the company, a market valuation of $55.4 million.
Coastalwatch is also currently involved in litigation against Surfstitch over a failed content sharing deal.
“The board has formed the view that the indicative proposal is not in the best interests of the company because of the highly conditional nature of the offer,” Surfstitch said.
The company confirmed it is assessing other expressions of interest but said none had progressed to an advanced stage.
Surfstitch reported a full-year net loss of $155.4 million for 2015/16.