Crew Clothing owner Brigadier Acquisition Company has requested a takeover ruling review after it was blocked from attempting to retract its £22.6m bid for menswear chain Moss Bros.
On 19 May the Takeover Panel blocked Brigadier Acquisition Company’s attempt to retract its offer for Moss Bros made in March. Brigadier cited the material adverse change condition on account of the impact of the Covid-19 pandemic on Moss Bros.
It is now challenging the Takeover Panel’s decision.
It was announced on 12 March that Brigadier, which is controlled by Menoshi Shina, owner of Crew Clothing, had agreed to pay 22p a share for the menswear tailoring business. The acquisition was expected to be completed in the second quarter of 2020.