Globe International, the publicly traded Australian company, is again urging shareholders to reject an unsolicited A$13 million non-cash takeover offer by corporate investor Mariner Corporation.
It said the offer of five Mariner shares for every four Globe shares offered inadequate value with uncertain funding. Globe International chairman Paul Isherwood also said in a letter that that the acquisition would provide no benefit to Globe. He wrote, “Globe is a global company engaged in the design, marketing and distribution of apparel, footwear and skate hardgoods for the action sports and street fashion markets. Mariner has not disclosed in its Bidders Statement any management or operational skills or experience of the Mariner board or management team in these sectors. Mariner has not indicated any detailed plans or strategy for the Globe business in its Bidders Statement.”
Mariner in November launched a $19.7 million scrip-based takeover bid
for Globe and send offer documents to shareholders in late
Globe is engaged in the design, marketing and distribution of apparel, footwear and skate hardgoods for the action sports and street fashion markets. Globe’s proprietary brands include Globe, Enjoi, Blind, Almost, Cliché, Darkstar, Speed Demons, Superior, Tensor and Gallaz.