23rd Apr 2020 14:09
(Alliance News) - Moss Bros Group PLC on Thursday said there has been no change to the timing of its potential GBP22.6 million takeover, despite suitor Brigadier Acquisition Co Ltd attempting to pull out of the deal.
Court and general meetings on the takeover will still be held on April 29, the men's formal-wear retailer affirmed.
Moss Bros said: "The takeover panel has informed Moss Bros that it will consider Bidco's request for a ruling and Moss Bros' rebuttal of the basis for any invocation of a condition. However, the process to do so is unlikely to be concluded prior to the court meeting and general meeting taking place."
Brigadier, which owns Crew Clothing, a UK casual-wear retailer, is attempting to lapse its offer for Moss Bros. Moss Bros agreed to Brigadier's takeover bid in March.
Moss Bros noted that Brigadier "may not invoke a condition" which would mean the takeover did not have to proceed, "unless the circumstances which give rise to the right to invoke the condition are of material significance" to Brigadier in context of the offer.
"The board confirms that it will take all necessary action to make its case that those requirements have not been met and that the offer should not therefore be permitted to lapse," Moss Bros said on Wednesday.
Moss Bros shares were 13% higher at 18.01 pence each in London on Thursday afternoon.
By Eric Cunha; [email protected]
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