Details surrounding the Warehouse takeover offer have been revealed.

Australian private equity firm Adamantem Capital Management has offered to buy the business for $1.50 to $1.70 a share, valuing it at a total of $590 million.

Greg Smith from Devon Funds Management has labelled this move 'opportunistic' as the retail sector struggles.

"They haven't even got a CEO - it does seem to be quite opportunistic, particularly if you've got a ray of light for the retail sector if we do get that rate cut from RBNZ." 

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