// Crew Clothing owner requests takeover ruling review after it was stopped from retracting its bid for Moss Bros
// Moss Bros said it would seek to ensure the takeover decision stands
Crew Clothing owner Brigadier Acquisition Company has called for a takeover review after it was blocked from attempting to withdraw its £22.6 million bid for Moss Bros.
Both firms are now seeking to defend their positions.
Earlier this week, the City Takeover Panel blocked Brigadier’s attempt to retract its offer for Moss Bros that was made in March.
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Moss Bros said it would seek to ensure the takeover decision stands.
Brigadier cited the material adverse change condition on account of the impact of the Covid-19 pandemic on Moss Bros.
It was announced in March that Brigadier had agreed to pay 22p a share for Moss Bros.
The acquisition was expected to be completed in the second quarter of 2020.
“The board notes the announcement by the Takeover Panel executive that Brigadier has requested a review of its ruling,” Moss Bros said.
“Moss Bros 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.”
Moss Bros stores have been closed during the lockdown but the retailer recently reopened its website for trading.
The retailer has also implemented a variety of cost-saving measures such as furloughing staff to minimise the impact of Covid-19 disruption.