Two years after Credit Suisse First Boston was appointed by Dutch clothes retailer Mexx to lead the company's initial public offering, the bank has instead advised on its takeover.

Liz Claiborne, the US retailer, will pay €300m ($264m) in cash for Mexx. CSFB was originally mandated to lead Mexx's IPO, due to take place last year. ING Barings was due to be co-lead on the deal. However, in March last year Mexx decided against the flotation.