Businessman checking stock market online

Moss Bros Group PLC (LON:MOSB) said it is still holding the shareholder meeting scheduled to approve a takeover deal despite the buyer is trying to pull out.

The high street tailor announced earlier this week that Brigadier Acquisition Company, controlled by rival Crew Clothing’s owner Michael Shina, had contacted the takeover regulator to revoke the offer.

READ: Moss Bros’ buyer tries to scrap £22.6mln takeover deal

The Takeover Panel said it will consider a request for a ruling, but the process is unlikely to go ahead before the shareholder meeting scheduled for 29 April.

Moss Bross previously said “it will take all necessary action” to go ahead with the £22.6mln acquisition, agreed in mid-March.

Shares jumped 13% to 18.01p on Thursday afternoon.