Moss Bros reluctant suitor appeals Takeover Panel ruling
May 22, 2020
The Moss Bros takeover saga is continuing with its now-unwilling suitor saying it will appeal against a ruling telling it the deal must go ahead.
To recap, Brigadier Acquisition Company (a vehicle linked to the owner of Crew Clothing), agreed a £22.6 million deal to take over the stock exchange-listed menswear retailer in March. But just weeks later, it asked the Takeover Panel to allow it to cancel its offer given the change in circumstances that had come about due to the coronavirus crisis. This week, the takeover panel refused to allow it to pull out.
That ruling was welcomed by Moss Bros and by some of its major shareholders, but Brigadier isn't taking it lying down and has now has requested a review of the ruling. It’s unclear how soon a decision will be reached.
Moss Bros said on Friday that it will “seek to ensure that its position (as accepted by the Panel Executive) - that Brigadier has not established that the relevant requirements of the Takeover Code have been met and that Brigadier should not be permitted to invoke the relevant conditions in order to lapse its offer for Moss Bros - is confirmed.”
Brigadier hasn’t commented so far on its review request.
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