Briscoe Group is standing firm on its takeover bid for Kathmandu Holdings, saying it will not increase its share offer.
The homeware and sporting goods retailer, which is controlled by Rod Duke, has made a $290 million bid for the 80 percent of Kathmandu it does not own.
It said today it would not increase its $1.80 per share offer, saying it was an attractive price.
The retailer said its offer of 20 cents per share in cash - plus five Briscoe shares for every nine Kathmandu shares held - was attractive, and it saw no reason to increase it.
It also would not extend its bid, which closes on 17 September.
Kathmandu's board had previously rejected the offer as opportunistic, with an appraisal report valuing the outdoor clothing and equipment retailer at between $2.10 and $2.41 per share.
The target company today reiterated its opposition to the offer and recommended that shareholders not sell.
It suggested Briscoe's offer was not getting any traction, noting that the other company had not lodged any notices that investors had accepted its offer.
Under the rules, Briscoe has to inform the stock exchange of any acceptances of more than 1 percent.
Briscoe's offer closes in two weeks time.
Some of Kathmandu's larger Australia-based shareholders have also reportedly rejected Mr Duke's takeover bid as too low.
Kathmandu's shares fell 8 cents, or 4.5 percent, to $1.65 on Wednesday.