Baugur drops Moss Bross bid.
Changes to shareholder base frustrates Baugur bid.
Baugur said that it is not in the best interests of stakeholders to proceed with its offer for the Company and has informed the Board of Moss Bros of this decision. Since Baugur’s original proposal was submitted to the Board of Moss Bros there have been a number of significant changes to the composition of the Company’s share register. As a result of these changes, Baugur believes that the execution risk associated with completing the proposed offer has become unacceptable.
Gunnar Sigurdsson, chief executive of Baugur Group, said: “We are disappointed by recent developments that have effectively frustrated our proposed offer, but remain supportive of the management team. Baugur is keen to continue to work with the Board, management and other major shareholders to identify ways to unlock the potential in the business.”
