Baugur drops interest in Moss Bros
Icelandic investment group Baugur today dropped its bid for struggling men's fashion chain Moss Bros.
Hamleys owner Baugur, which had made a preliminary 42p-a-share offer worth £40.2 million, blamed the move on changes to the retailer's share register.
Baugur first signalled interest in Moss Bros last year, but speculation was been rife before today that it may walk away. Moss Bros recently reported a £1.4 million annual loss.
It is thought the Moss and Gee founding families behind the chain - who own an estimated 25% - were opposed to the Baugur takeover. In addition, fashion chain Laura Ashley has increased its stake in the firm to almost 10%.
Baugur said the recent changes to the share register meant the execution risk associated with completing the proposed offer had become unacceptable.
Gunnar Sigurdsson, chief executive of Baugur Group, said: "We are disappointed by recent developments that have effectively frustrated our proposed offer, but remain supportive of the management team.
"Baugur is keen to continue to work with the board, management and other major shareholders to identify ways to unlock the potential in the business."
- 1 Russell Brand says he will 'probably' give up acting to focus on his revolution
- 2 Watch what happened when food critics were unknowingly served McDonald's
- 3 David Beckham's Haig Club whisky is exactly what’s wrong with the Highlands
- 4 Queen's first tweet: Reply telling Her Majesty to 'f*** off' broadcast on BBC News
- 5 #AskNigelFarage: Twitter starts hilarious Q&A for Ukip leader
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Tony Blair 'says Ed Miliband will lose 2015 general election'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Putin: The US is to blame for almost all the world's major conflicts
Attacks on 'Ukip Calypso' show how skewed people’s priorities are
iJobs Money & Business
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...
£30000 - £35000 Per Annum plus excellent benefits: Clearwater People Solutions...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...