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May 26, 2020

Moss Bros takeover deal to go ahead

The owner of Crew Clothing, Brigadier Acquisition Company (Bidco), will press forward with plans to acquire formalwear company Moss Bros after it had its bid to pull out of the deal rejected by the Takeover Panel last week.

By Hannah Abdulla

The owner of Crew Clothing, Brigadier Acquisition Company (Bidco), will press forward with plans to acquire formalwear company Moss Bros after it had its bid to pull out of the deal rejected by the Takeover Panel last week.

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In a statement today (26 May), the Takeover Panel confirmed Brigadier has withdrawn its request for a review to back out of the GBP22.6m (US$27.9m) agreed deal.

Bidco is majority-owned and controlled by Menoshi ‘Michael’ Shina, the owner of Crew Clothing.

It cited the impact on Moss Bros of the Covid-19 pandemic and related UK Government measures as its reason for pulling the offer.

Moss Bros had temporarily closed all its stores and sounded a warning on its full-year revenue and profitability as a result of the coronavirus outbreak impacting trading. 

But last week the Takeover Panel published its ruling in which it said Brigadier could not invoke any of the relevant conditions in relation to its acquisition of Moss Bros.

“The board of Moss Bros welcomes Brigadier’s decision to withdraw its appeal of the Panel executive’s ruling and looks forward to working with Brigadier towards the smooth completion of the offer,” Colin Porter, chairman of Moss Bros, said.

Menoshi Shina, director of Brigadier, added: “We are pleased to be consummating our acquisition of Moss Bros.  As its future owner, we take seriously our stewardship of Moss Bros’ 169 year legacy of ensuring British gentlemen look great whether they are dressing for home, work or an occasion.  

“We will be supporting Moss Bros’ management team as they confront and overcome the near term challenges of trading through the pandemic by working closely with all of Moss Bros’ stakeholders, including its landlords, employees and suppliers.”

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img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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