Street and skate-wear maker Globe International chairman Paul Isherwood has lambasted Mariner Corporation for launching an unsolicited takeover bid that is “unhelpful, inopportune, untimely and opportunistic" and has slammed shares in the corporate raider for being “risky" and “absolutely useless".

In his first comments on the $19.7 million bid made late last month, Mr Isherwood said: “If they came back with a big hunk of cash, rather than shares in Mariner , maybe we’d think about things differently," he said. “But the shares are absolutely useless.