Accent Group has rejected an unsolicited takeover approach from UK retailer Frasers Group, calling the A$0.65 ($0.45) a share proposal "opportunistic" and "materially inadequate".
Frasers, which owns 22.9% of the Australian retailer, announced the on-market offer on 15 June 2026 for all ordinary shares it does not already own.
That existing holding was ***** embled through a 2025 subscription agreement and subsequent open market purchases.
An independent board committee comprising all Accent directors other than Frasers nominee David Forsey has unanimously recommended that shareholders reject the bid by taking no action.
Although the offer matches Accent's closing share price on 12 June, the day before the bid was disclosed, it is below the A$0.71 closing price recorded on 26 June, the latest trading day before the target's statement was issued.
Frasers, which owns 22.9% of the Australian retailer, announced the on-market offer on 15 June 2026 for all ordinary shares it does not already own.
That existing holding was ***** embled through a 2025 subscription agreement and subsequent open market purchases.
An independent board committee comprising all Accent directors other than Frasers nominee David Forsey has unanimously recommended that shareholders reject the bid by taking no action.
Although the offer matches Accent's closing share price on 12 June, the day before the bid was disclosed, it is below the A$0.71 closing price recorded on 26 June, the latest trading day before the target's statement was issued.
2 months ago
