Brigadier Acquisition Drops Appeal, Deal Set to Proceed
- Brigadier Acquisition abandons attempt to back out of Moss Bros takeover
- Deal should now go ahead as formality
- Moss Bros forced to close all stores due to pandemic
Brigadier Acquisition, a vehicle owned by the owner of Crew Clothing, has abandoned its attempt to back out of the £22m takeover of Moss Bros. This comes just three days after Brigadier announced it would appeal the Takeover Panel’s decision that it should complete the deal. The panel confirmed on 26 May that Brigadier had notified them saying they will no longer seek a review. As a result, the deal is expected to proceed as a formality. Brigadier, controlled by Menoshi ‘Michael’ Shina, agreed to buy Moss Bros for 22p per share on 12 March. Two weeks after the deal was completed, Moss Bros had to close all stores due to the ongoing coronavirus pandemic. The Takeover Panel announced on 19 May that Brigadier should not be permitted to invoke any conditions of its offer for Moss Bros and gave them a short period to decide whether to request a review by the Hearings Committee. On 21 May, the Hearings Committee announced that Brigadier had requested a review but has now withdrawn it, meaning the Takeover Panel’s ruling stands.
Factuality Level: 8
Factuality Justification: The article provides accurate information about the situation without any sensationalism or irrelevant details, and it is based on reliable sources such as Sky News. It also presents objective information without including personal opinions or bias.
Noise Level: 3
Noise Justification: The article provides relevant information about a specific business event (a takeover attempt) but lacks in-depth analysis or exploration of long-term trends or consequences. It also does not offer actionable insights or new knowledge for the reader.
Financial Relevance: Yes
Financial Markets Impacted: Moss Bros and Brigadier Acquisition
Financial Rating Justification: The article discusses a takeover deal between Moss Bros and Brigadier Acquisition, which impacts the financial situation of both companies. Additionally, it mentions the ongoing coronavirus pandemic’s effect on Moss Bros closing all its stores.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the text.
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