Ann: Trading update and Macquarie 2017 conference presentation, page-10

Briscoes had their AGM today. Personally, I wouldn't get too excited about another KMD takeover, short term. The chair had this to say about overseas expansion / Kathmandu:
"Overseas markets represent an opportunity to take our business up a level. However, we are very aware of the many New Zealand companies that over the years have looked across the Tasman – and further afield – and returned home somewhat chastened. Any expansion will be very carefully planned and thoroughly assessed.
"Kathmandu is an example of our disciplined and patient approach to investment – in the heat of the takeover we did not get talked up on price by major Kathmandu shareholders, let alone market commentators – informed or otherwise: we held steadfast to where we saw value at the time.
"The Kathmandu initiative also showed Rod’s willingness to reduce his shareholding if it would enhance shareholder value – had Kathmandu accepted our offer, Rod would have held about 50 percent of the merged entity.
"Kathmandu has been a good investment for us, contributing $4.4 million in dividends to our bottom line for the year ended January 2017. We continue to monitor its performance closely.
"While our eyes might be across the Tasman, the investment we are making in our domestic store network demonstrates that we still see potential for growth here in New Zealand.
"We are not alone in seeing potential for growth here and in Australia. Recently, both Amazon and European retailer Decathlon have announced plans to expand into Australia. They and others will provide us with a stern test of our capabilities and the full range of products and services we provide – online and in-store.
"At the same time, their presence confirms that significant opportunities exist, and Rod will talk in more detail about how we are preparing to exploit those opportunities."


The CEO had this to say about the ASX listing:
"Over the past few years, we have, in the midst of considerable change, created a pattern of steady, secure, and sustainable growth, and we intend to continue that pattern. For example, I see our increasing online presence as an adaptation to the changing environment, rather than a radical change to the way we do business. In the same way, I see our plans to list on the ASX as the next logical step for a company such as ours, that is looking to take its business to the next level."

He owns ~78% of Briscoe's and they've never made a big acquisition, he's an excellent retailer, but not an aggressive acquirer. I'm not saying they won't bid again, but the ASX listing could be in contemplation of any number of other moves, not including KMD.

Disclosure: Hold KMD and BGR