Moss Bros confirm offer amid drop in sales
Moss Bros Group has confirmed that received an indicative offer from a new company formed by Baugur Group and investment partners Newco, worth 42 pence per share. Moss Bros has said it has granted Newco due diligence access.
Brazil miner Vale raises bid for XstrataThe director of Moss Bros, Mark Bernstein dissented against granting due diligence. Moss Bros made it clear that there was no certainty that a final offer would be made for the company.
Moss Bros gave the announcement of the takeover bid on the same day as its trading update. The company said that its total sales dropped 3.2 per cent as a result of planned store closures, and added that profit for the full year 2008 would be lower than expected.
Moss Bros said it was continuing an internal reorganisation begun last year to increase efficiency and reduce costs.
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