M&A

Crew Clothing owner abandons attempt to back out of Moss Bros takeover

Brigadier Acquisition, a vehicle set up by the owner of Crew Clothing, has abandoned its attempt at backing out of its £22m takeover of Moss Bros.

According to Sky News, it comes just three days after Brigadier said it would appeal the Takeover Panel’s verdict that it should complete the deal. However the panel has confirmed this morning (26 May) that Brigadier had notified it saying it will no longer seek a review.

The news means that the deal should now go ahead as a formality.

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Brigadier, which is controlled by Menoshi “Michael” Shina, the owner of Crew Clothing, had agreed to buy the business for 22p per share for a total of £22.6m on 12 March.

Two weeks after the deal was completed, Moss Bros was forced to close all stores in light of the ongoing coronavirus pandemic.

Announcing the development, the takeover panel said in a statement: “The Panel Executive announced on 19 May 2020 that it had ruled that Brigadier should not be permitted to invoke any of conditions to its offer for Moss Bros and that Brigadier had been given a short period of time in which to decide whether to request a review of the Panel Executive’s ruling by the Hearings Committee of the Takeover Panel.

“The Hearings Committee of the Takeover Panel announced on 21 May 2020 that Brigadier had requested a review of the Panel Executive’s ruling. Brigadier has now withdrawn its request for a review and, accordingly, the Panel Executive’s ruling stands.”

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