Apparel and footwear chain Colorado has again urged shareholders to say no to a buyout bid from Affinity Equity Partners, reported Australian Associated Press.

Colorado, which is planning to reveal a five-year strategic plan, cited independent expert Lonergan Edwards as saying the A$430m (US$327.820m) offer wasn't fair or reasonable.

Colorado is believed to be planning to focus on management, brand revitalization, better stock availability in stores and new footwear models.