Investment group NAF Holdings and US knitwear company Hampshire Group are extending the proposed tender offer from NAF to 24 April.

The offer was previously set to expire last Friday (17 April), by which point an aggregate of approximately 4,673,376 shares of Hampshire common stock had been tendered, representing more than 85% of the outstanding shares of common stock.

The tender offer was conditioned on there being validly tendered at least 81.71% of the outstanding shares of common stock.

However, the offer is being extended in connection with an amendment to the Plan of Merger that the company will have available funds free and clear of all liens and in an amount no less than US$38m (less certain amounts designated by NAF) in its accounts. A statement said this has been amended to provide that the company will have available funds free and clear of all liens and in an amount no less than $37m (less certain amounts designated by NAF).

NAF tabled its tender offer for all outstanding shares of Hampshire common stock at a cash price of US$5.55 per share in February.