Bremworth Board Considers Floorscape’s $0.95 Revised Offer Over Mangawhai Bid
Floorscape Limited has presented Bremworth Limited with a revised full takeover offer at $0.95 per share, surpassing Mangawhai Collective's partial bid. Bremworth's board is weighing shareholder feedback before deciding on the next steps.
- Floorscape's revised offer values Bremworth at $0.95 per share
- Offer covers 100% of Bremworth shares, unlike Mangawhai's partial bid
- Mangawhai aims for up to 55% stake at $0.90 per share
- 32.24% of Bremworth shareholders locked in to Mangawhai partial offer
- Bremworth board consulting shareholders before agreement decision
Floorscape Presents Higher Full Takeover Bid
Floorscape Limited has upped the ante in its pursuit of Bremworth Limited (NZX:BRW) with a revised offer of $0.95 per share for 100% of Bremworth’s shares. This new bid outstrips Mangawhai Collective Limited’s partial takeover offer, which values shares at $0.90 but only targets up to 55% ownership.
The Floorscape proposal is conditional on shareholder and Court approval alongside customary conditions, with Bremworth’s board sub-committee given until 8 September 2026 to decide whether to enter into a revised scheme implementation agreement (SIA) to progress the offer.
Board Weighs Shareholder Views Amid Competing Offers
The board’s sub-committee has flagged the revised Floorscape offer as superior, mainly because it covers the entire share register. This would allow shareholders to realise full value and avoid the risk of being minority holders under a dominant Mangawhai stake.
However, Bremworth has yet to formalise amendments to the SIA with Floorscape. The board is actively engaging with shareholders who previously expressed reservations about Floorscape’s earlier offer, which collapsed after significant opposition from a 38% shareholder bloc earlier this year.
Mangawhai’s Partial Takeover Remains in Play
Mangawhai’s partial takeover offer remains on the table but is still pending formal submission. The offer would increase Mangawhai’s stake from 19.73% to potentially 55%, representing 43.94% of shares not currently owned by Mangawhai. The deadline for Mangawhai to lodge a formal offer is 11 September 2026.
Notably, shareholders controlling 32.24% of Bremworth’s ordinary shares have signed lock-up deeds with Mangawhai, committing to accept the partial takeover if it proceeds, subject to conditions.
Shareholders Urged to Hold Fire for Now
The board has advised shareholders that no immediate action is required regarding either the revised Floorscape offer or Mangawhai’s proposed partial bid. Bremworth will continue updating the market on material developments as the situation evolves.
Bottom Line?
The next week will be pivotal as Bremworth's board balances a full premium bid against a partial offer backed by significant shareholder commitments.
Questions in the middle?
- Will Bremworth’s board secure shareholder backing to proceed with Floorscape’s revised full offer?
- How will Mangawhai respond if Floorscape’s superior bid gains traction?
- Could shareholder sentiment shift again given the prior rejection of Floorscape’s scheme earlier this year?
