{"id":166197,"date":"2020-04-22T07:56:00","date_gmt":"2020-04-22T07:56:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/moss-bros-suitor-looks-to-pull-22-6m-takeover\/"},"modified":"2021-08-06T12:05:31","modified_gmt":"2021-08-06T12:05:31","slug":"moss-bros-suitor-looks-to-pull-22-6m-takeover","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/moss-bros-suitor-looks-to-pull-22-6m-takeover\/","title":{"rendered":"Moss Bros suitor looks to pull \u00a322.6m offer"},"content":{"rendered":"<p>The owner of Crew Clothing is seeking to pull its \u00a322.6 million deal to take menswear chain Moss Bros private just over <a href=\"https:\/\/www.theindustry.fashion\/moss-bros-set-for-22-6m-takeover-by-crew-clothing-owner\/\">a month after agreeing the takeover.<\/a><\/p>\n<p><!--more--><\/p>\n<p>A stock market update said\u00a0<strong>Brigadier Acquisition Company was seeking a ruling from the City Takeover Panel<\/strong> to invoke a condition of its offer to scrap the deal.<\/p>\n<p>It comes after the menswear chain was <strong>forced to close all its stores due to the coronavirus lockdown<\/strong> less than two weeks after sealing the deal with Brigadier.<\/p>\n<p>Moss Bros said it believes its suitor <strong>does not have grounds under City takeover rules to lapse the offer<\/strong> and pledged to \u201ctake all necessary action to make its case\u201d.<\/p>\n<p>It added shareholder meetings to approve the deal are still scheduled to be held on 29 April.<\/p>\n<p>Early last month,<strong> Moss Bros agreed to the sale,<\/strong> sending shares in the suit seller soaring.<\/p>\n<p>Brigadier \u2013 which is majority owned by Regiment, which is itself controlled by Menoshi \u201cMichael\u201d Shina, the owner of Crew Clothing \u2013 <strong>agreed to buy the business for 22p per share.<\/strong><\/p>\n<p>The board of Moss Bros hailed the deal, saying it represents <strong>a 60% premium on the previous day\u2019s closing price.<\/strong><\/p>\n<p>The sale also came after <strong>activist investor Gatemore purchased a 10% stake<\/strong> in the company in June.<\/p>\n<p>Since then, the Covid-19 pandemic forced all non-essential retailers in the UK to shut, dealing a hammer blow to the high street.<\/p>\n<p>Colin Porter, Moss Bros chairman, admitted at the time the deal was announced that \u201c<strong>the board is also aware of the risks attached to executing this strategy<\/strong> in the current retail operating environment and as a publicly-listed company\u201d.<\/p>\n<p>He said the board believed the offer reflected the fair value of the group \u201ctaking account of the risks\u201d.<\/p>\n<p>The deal followed widening losses at Moss Bros amid an already tough retail environment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":68,"featured_media":138079,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[16042,10585,6,10494],"tags":[19562,17899,19266,9861,10426],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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