Moss Bros shareholder David Moss is hoping for a "white knight bid" for the menswear chain, to see off Icelandic suitor Baugur, according to the The Mail on Sunday. It said that David Moss was hoping that John Hanson, owner of menswear business Greenwoods, will buy out Baugur's stake. The Gee family, which owns 8% of Moss Bros, is also planning to bid for Baugur's 29% stake, according to the newspaper.
The Times reported that rebel shareholders at Moss Bros are set to call an extraordinary general meeting to oust the board of the menswear retailer. It added that John Hanson, the entrepreneur behind Greenwoods menswear, who owns a 1.5% stake, was considering a rival offer.
The Sunday Times said that former Moss Bros director and founding family member Michael Gee had sounded out bankers to buy at least 20% of Baugur's stake. He is expected to offer a premium price of about 50p per share.
The Sunday Telegraph reported that Roland Gee, a non-executive director and member of the Gee family, also voted against approving Baugur's approach, along with non-executive director and Moss family representative Mark Bernstein. He later agreed to allow due diligence as he felt it would attract other higher bidders, according to the newspaper. The report added that Greenwood's Hanson had approached another Moss Bros stakeholder Laura Ashley about making a counter-offer.
The Observer said that Moss Bros chairman Keith Hamill spoke out against critics, after family shareholders accused him of failing to defend their interests in the proposed takeover. According to the newspaper, Hamill said he believed that it was appropriate for investors to receive an offer so they can make up their own minds. Hamilll said that the deadlock between the founding Moss and Gee families make it impossible to make strategic decisions.
According to The Financial Times, the Merrill Lynch analyst who wrote glowing research on Sports Direct whose share price has dipped considerably since it floated last year, is in redundancy talks with the bank. Mal Patel received criticism for his research on Sports Direct from investors who bought at 300p per share at the flotation led my Merrill Lynch, when the price then dropped by two-thirds. Sports Direct is understood to have had frequent disagreements with the bank and Mr Patel. The analyst added the retailer to a "conviction sell" list and setting an 80p target price.