Terms have been agreed for Brigadier Acquisition Company (BAC) to acquire menswear business Moss Bros. The board of Moss Bros, chaired by Colin Porter, has recommended the offer of 22p per share in a deal which will see Moss Bros taken private in the second quarter of 2020. BAC is majority owned by Menosh Shina who also owns Crew Clothing.
Shina commented: “We are delighted that the directors are recommending our offer to acquire the business, as we greatly admire the heritage and 169 year history of Moss Bros and the quality and determination of its existing management team. We believe that Moss Bros can have a bright future in the private arena, and are excited to contribute our expertise and assist in delivering the current strategy.”
Moss Bros chairman Colin Porter added: “In September, the board of Moss Bros set out its strategy to drive Moss Bros’ long term performance and we have seen some early positive results which support the board’s confidence in Moss Bros as a standalone entity. However, the board is also aware of the risks attached to executing this strategy in the current retail operating environment and as a publicly listed company. Having considered a range of strategic options, the board believes that the terms of the acquisition, which offers a premium cash exit for Moss Bros’ shareholders, fairly reflect the value of Moss Bros and its prospects, taking account of these risks.”
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