The NZX-listed retailer is looking to reduce its cost of doing business to below 31% of sales.
Analysts says near-term recovery from weak consumer demand appears increasingly unlikely.
ACC says the $1.34 bid undervalues the company.
Fibre operator saw $33 million decrease in profit in six months to end of December.
The infant formula maker reported net profit of $68.5 million, up from $56.1m in the same period a year earlier, with growth in China.
Eligible institutional investors took up 95% of their entitlements to raise $542 million.
The experienced director is chair of Meridian Energy and Summerset Group.
An updated restructure proposal was shared with staff but not released publicly.
Share price has now declined more than 90% over the last 12 months. The company today warned its full year result was likely to disappoint.
Insurer counting the cost of this year’s severe weather events.