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Bids for Moss Bros dry up

Menswear business Berwin & Berwin is not in the running to buy Baugur’s 29% stake in Moss Bros, Drapers has learnt.
Meanwhile, Baugur is close to completing due diligence on the beleaguered menswear chain after it made a £40 million indicative offer for the business earlier this year. However, sources in the market suggested that a formal offer for the chain would not necessarily be immediately forthcoming.

The Takeover Panel has not issued a “put up or shut up” deadline date for the investment group to make an offer and it may choose to hang on to see whether other potential bidders emerge.

News that Berwin & Berwin is unlikely to make Baugur an offer is a blow to Moss Bros’s founding family members and shareholders, who oppose Baugur’s 42p-a-share indicative offer. It will also fuel speculation the Moss Bros takeover is a stalemate situation that is unlikely to be resolved in the short term.

John Hanson, the boss of menswear business Greenwoods, pulled out of the running to buy Moss Bros earlier this month. Laura Ashley has increased its stake in Moss Bros over the past six months but its intentions remain unclear.

Berwin & Berwin declinedto comment.

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