The City Takeover Panel has blocked Crew Clothing parent company Brigadier Acquisition Company’s attempt to retract its £22.6 million acquisition of Moss Bros.
The firm made a submission last month to retract the takeover offer made in March, seeking to scrap the deal due to the material adverse change in conditions as a result of the COVID-19 pandemic on Moss Bros.
The Takeover Panel has instead given Brigadier a short period of time to decide whether it wishes to request a review of the ruling.
The acquisition was expected to be completed in the second quarter of 2020.
“We are pleased with the initial ruling of the Takeover Panel and believe this sets the right precedent,” said Liad Meidar, managing partner of Gatemore Capital Management, which has a stake of more than 10 per cent in Moss Bros."
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