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Maus Freres seals Gant deal

Maus Frères has bought Swedish lifestyle brand Gant, after a long-running takeover battle.

The Swiss retail group, which owns the Lacoste brand, last week reached an agreement with Gant chairman Lennart Bjork to buy his shareholding in the brand, giving Maus Frères control of 95.6% of Gant.

Last month, Maus Frères and Bjork engaged in a war of words over its attempt to buy the brand, and Bjork urged shareholders to reject its takeover approach because it undervalued the business.

Bjork said the brand’s track record in delivering profits, cash flow and shareholder returns warranted a higher offer. Maus Frères said the Gant board had not provided adequate comment on last year’s results and forecasts for the next two years.

However, Maus Frères last week upped its offer for the company by SEK10 (78p) per share to SEK320 (£25.27) per share, to buy an additional 59.7% of the stock in issue. Maus Frères was already the largest single shareholder in Gant with 35.3%.
Bjork will remain chairman of the brand.

Gant sells womenswear, menswear and kidswear in 70 countries through more than 300 standalone Gant stores, as well as a large number of wholesale stockists.

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