High Fashion International (HFI) yesterday put forward a $61.67 million takeover bid for cash-strapped fashion retailer Theme International Holdings, in an attempt to outbid Giordano International and YGM Trading.
Giordano has proposed an offer of close to $70 million. YGM has put forward a near $110 million proposal.
The women's apparel-maker said it proposed to subscribe to $46 million worth of convertible loan notes and 627 million new Theme shares at 2.5 cents each, which together could give it a stake of up to 79.7 per cent.
The proposal is conditional upon agreement by Theme's creditor banks on an 88 per cent haircut on its total debt of about $240 million.
Giordano proposes an 88 per cent haircut and YGM 85 per cent.
High Fashion intends to apply for a waiver to make a mandatory general offer to remaining Theme shareholders, and maintain Theme's listing.