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Baugur plots bid for Moss Bros

Baugur is planning a £40 million bid for Moss Bros, after the menswear group issued a profit warning last week.

Baugur, which already holds 29% of Moss Bros via its Unity Investments vehicle issued a statement to the stock exchange this morning confirming reports it was considering its options in relation to its indirect interest in Moss Bros. It said this may include making an approach to the board of Moss Bros regarding a possible offer.

The offer price per share is expected to be in the 40p region. The group closed at 37p per share on Friday, valuing the business at £35m.

Baugur has been linked to a bid for the business for more than a year and was rumoured to be hoping to build a menswear version of its multi-branded Mosaic Fashions business around Moss Bros. Earlier this year Baugur was granted two seats on the board of the menswear business. Baugur director and House of Fraser chairman Don McCarthy was installed as non-executive director and has been leading a strategic review of the group which kicked off in September.

Entrepreneur Shami Ahmed also attempted to by Moss Bros in 2002.

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