Icelandic investment group Baugur has scrapped its takeover approach for UK menswear firm Moss Bros.

Baugur said it had concluded that it was not in the best interests of stakeholders to proceed with the offer. In February, Moss Bros announced it had received a 42p-a-share takeover approach from Baugur.
But Baugur said recent changes to the make up of Moss Bros's share register meant the risk of completing the takeover was ""unacceptable"".
""We are disappointed by recent developments that have effectively frustrated our proposed offer, but remain supportive of the management team,"" said Gunnar Sigurdsson, Baugur Group's chief executive.
""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."" In April, Moss Bros reported a pre-tax loss of £1.4m for 2007, against a profit of £5.1m in 2006.
(Source: BBC)