British men's clothing retailer Moss Bros Group Plc today rejected a third informal takeover approach by entrepreneur Shami Ahmed, founder of the Joe Bloggs jeans label.

The UK-based fashion chain is now waiting to hear if Ahmed will up his latest offer of 50 pence as a final deadline imposed by takeover chiefs runs out at 5pm on Friday.

Ahmed's latest approach sent Moss Bros shares to an eight-month high but in a statement the loss-making retailer said it had unanimously rejected his third informal bid.

It added: "Were there to be an offer, the price indicated does not provide fair value in light of the board's view of the prospects for medium-term business recovery and the strategic value of the company's brands, market shares and 156 retail sites across the UK."

Ahmed first expressed an interest in Moss Bros, owner of the Cecil Gee menswear label, late last year and had two approaches turned down earlier this year.