Following the bid by private Swiss retail group Maus Freres for Swedish fashion group Gant Company AB ( earlier this month, over 55% of Gant’s shareholders have rejected the potential take-over.

Maus Frères, which owns the Lacoste brand, had offered 5.2 billion kronor (USD $813.6 million) in cash, in the hope of a total purchase of the company.

Preppy sportswear brand Gant was founded in 1949 and was listed on the Stockholm stock exchange in March in 2006. It has more than 300 stores and sells its collections in more than 70 countries. It is said that shareholders are holding out in the belief that the brand has a potential for great sales growth in all categories and on a global scale, and which will be benefited by the company’s independence.