Moss Bros has agreed terms on a takeover bid from the owners of Crew Clothing in a deal worth £22.6 million. In an announcement to the stock market, Brigadier Acquisition Company – which is majority-owned by Regiment Acquisition Company, which in turn is majority-owned and controlled by Menoshi “Michael” Shina, the owner of Crew Clothing – agreed to pay 22p a share for Moss Bros. The board of Moss Bros, which accepted the deal, said the deal represented a 60 per cent premium on yesterday’s closing price.
“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. We see the acquisition as an opportunity to partner with an excellent management team to improve Moss Bros’ financial performance and protect its heritage, brand and presence on the UK high street.’ – Shina said.
