The board of directors of Colorado, an Australian footwear and apparel retailer with outlets in its domestic market and New Zealand, had asked its shareholders to reject bids to purchase the company and proposed instead a 5-year plan to get the company back on track. Last month, Affinity Equity Partners tried to buy the company for A$4.50 per share, but Colorado’s management remained bent on turning the company around.

Then, a few days ago, Affinity Equity raised its offer to A$4.70 per share, which was accepted by Colorado’s board and puts the company’s value at about A$449.5 million (€268.5m-$342.6m). Shareholders have until the end of the Sept. 22 business day, Sydney time, to approve the offer. Colorado is considering the payment of a special dividend, which would be subtracted from the offer price. The company had total sales of A$466.0 million (€278.3m-$355.1m) in its last full financial year.

Colorado had plans to take several steps to improve its business including the expansion of its retail portfolio in Australia and New Zealand, a review of manufacturing quality standards, a reduction of storage space at retail outlets to increase employee productivity and a stronger focus on its target consumer – the mid-market, traditional family. The company would additionally look to improve its supply chain by using automated operations where possible, trying to standardize core processes. The company also said it would ramp up store openings over the next five years.