Retailer Fights Back Against Potential Buyout During Crisis

  • Brigadier Acquisition Company seeks ruling from City Takeover Panel
  • Moss Bros board states that the offer cannot be withdrawn or lapse according to Takeover Code
  • Clothing retailer forced to close all stores due to COVID-19 pandemic

The Brigadier Acquisition Company is attempting to retract its £22.6m offer to take over Moss Bros, the UK-based clothing retailer. The Moss Bros board announced that it had been informed of this decision and stated that the Takeover Code requirements do not allow Bidco to invoke a condition to cause the offer to lapse or be withdrawn. Despite Brigadier’s intention to invoke a condition and lapse its offer, a shareholder meeting to approve the deal is still scheduled for 29 April. Moss Bros was forced to close all stores due to the ongoing COVID-19 pandemic.

Factuality Level: 8
Factuality Justification: The article provides accurate information about the Brigadier Acquisition Company’s attempt to retract its offer to acquire Moss Bros and the company’s response. It also includes relevant details such as the involvement of Menoshi ‘Michael’ Shina and the ongoing situation with the coronavirus pandemic.
Noise Level: 3
Noise Justification: The article provides relevant information about a specific business event and its potential impact on Moss Bros, but it lacks in-depth analysis or exploration of broader trends or consequences. It also does not offer actionable insights or solutions for readers.
Financial Relevance: Yes
Financial Markets Impacted: Moss Bros and Brigadier Acquisition Company
Financial Rating Justification: This article discusses a potential takeover deal between Moss Bros, a clothing retailer, and the Brigadier Acquisition Company. The deal’s status is uncertain due to the ongoing coronavirus pandemic and its impact on Moss Bros’ operations, which may affect the financial markets and companies involved.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk