Accent rejects Frasers takeover approach as “materially inadequate”

Accent Group has rejected an unsolicited takeover attack from UK retailer Frasers Group, calling the A$0.65 ($0.45) a stock connection "opportunistic" and "materially inadequate".

Frasers, which owns 22.9% of the Australian retailer, announced the on-market connection connected 15 June 2026 for each mean shares it does not already own.

That existing holding was assembled done a 2025 subscription statement and consequent unfastened marketplace purchases.

An autarkic committee committee comprising each Accent directors different than Frasers nominee David Forsey has unanimously recommended that shareholders cull the bid by taking nary action.

Although the connection matches Accent's closing stock terms connected 12 June, the time earlier the bid was disclosed, it is beneath the A$0.71 closing terms recorded connected 26 June, the latest trading time earlier the target's connection was issued.

The committee said the connection represents discounts of 19% and 36% to Accent's six-month and 12-month volume-weighted mean prices.

It besides said the connection is beneath the A$1.718 per stock Frasers paid nether the 2025 subscription statement and the much than A$0.92 per stock it paid for on-market purchases successful February 2026.

In a missive to shareholders, Accent president Lawrence Myers said the bid does not bespeak the company's prospects nether its 2030 strategical maturation plan.

The program targets income of astatine slightest A$1.9bn, a 9% net earlier involvement and taxes borderline and astir 950 stores.

The committee besides cited what it described arsenic a imaginable struggle arising from Frasers' presumption arsenic some a large shareholder and a commercialized spouse done the Sports Direct retail statement crossed Australia and New Zealand.

It said Frasers is seeking accrued power of that concern without paying an due premium.

According to the property statement, Frasers said successful its bidder's connection that it does not expect acceptances supra 90% and would beryllium consenting to clasp a little involvement if it received committee practice successful enactment with its shareholding.

"Accent rejects Frasers takeover attack arsenic "materially inadequate"" was primitively created and published by Retail Insight Network, a GlobalData owned brand.