Maus Freres buys Gant

Maus Freres has succeeded in buying Gant

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Maus Freres has bought Gant after a long-running takeover battle.

The Swiss retailer, which owns the Lacoste brand, has reached an agreement with Gant's chairman Lennart Bjork to buy his shareholding, giving it control of 95.6% of the Swedish brand.

Last month Maus Freres and Bjork engaged in a war of words over the formers attempt to buy the Swedish fashion brand and Bjork urged shareholders to reject its takeover approach because it undervalued the business. However Maus Freres sweetened its offer for the company by 10 Kronor (78p) to 320 Kronor (£25.27) per share, to purchase an additional 59.7% of the stock in issue. It already held 35.3%, making it the largest single shareholder in Gant.

Bjork will remain chairman of Gant.