Bremworth Lowers Distribution to Shareholders From Acquisition by Mohawk Industries' Unit; Shares Fall 10%

MT Newswires Live

Feb 10

Bremworth (NZE:BRW) said it now expects to pay between NZ$0.20 per share and NZ$0.30 per share to its shareholders, from its deal to be acquired by Floorscape, a unit of New York Stock Exchange-listed Mohawk Industries, via a scheme of arrangement, according to a Tuesday filing with the New Zealand bourse.

The company had earlier said it expects to pay between NZ$0.30 and NZ$0.40 per share to its shareholders from the deal, the filing said.

The expected total consideration for the scheme is also now reduced to a range of NZ$0.95 to NZ$1.05 per share, from between NZ$1.05 and NZ$1.15 each.

The lowered returns and consideration are due to "difficult" trading conditions that impacted the company's earnings and its cash position, the filing added.

Shares of the company fell 10% in recent Tuesday trade.

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