MOSB.L Regulatory News (MOSB)

6 May 2008 07:03

Baugur Group06 May 2008 Offer update Moss Bros Group plc ("Moss Bros" or the "Company") announced on 25 February 2008that a new company to be formed by Baugur Group hf ("Baugur") and certaininvestment partners ("Newco") had made a preliminary indicative non-binding 42poffer in cash for the Company. Baugur can confirm that Newco continues to evaluate a potential offer for theCompany at 42.0p per share and is currently reviewing the results from theformal due diligence process. Newco is also in the process of arranging financing and preparing documentationin relation to a potential offer. A further announcement will be made in duecourse. This announcement does not amount to a firm intention to make an offer andaccordingly there can be no certainty that an offer will be forthcoming. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if anyperson is, or becomes, "interested" (directly or indirectly) in 1% or more ofany class of "relevant securities" of Moss Bros, all "dealings" in any "relevantsecurities" of that company (including by means of an option in respect of, or aderivative referenced to, any such "relevant securities") must be publiclydisclosed by no later than 3.30 pm (London time) on the London business dayfollowing the date of the relevant transaction. This requirement will continueuntil the date on which the offer becomes, or is declared, unconditional as toacceptances, lapses or is otherwise withdrawn or on which the "offer period"otherwise ends. If two or more persons act together pursuant to an agreement orunderstanding, whether formal or informal, to acquire an "interest" in "relevantsecurities" of Moss Bros, they will be deemed to be a single person for thepurpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all"dealings" in "relevant securities" of Moss Bros by Newco or Moss Bros, or byany of their respective "associates", must be disclosed by no later than 12.00noon (London time) on the London business day following the date of the relevanttransaction. A disclosure table, giving details of the companies in whose "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, can be found on the Takeover Panel's website at http://www.thetakeoverpanel.org.uk/new/. "Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an "interest" byvirtue of the ownership or control of securities, or by virtue of any option inrespect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on theTakeover Panel's website. If you are in any doubt as to whether or not you arerequired to disclose a "dealing" under Rule 8, you should consult the TakeoverPanel. This information is provided by RNS The company news service from the London Stock Exchange