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Frasers Group has launched a £116m takeover bid for Australian footwear business, Accent Group, with an all cash offer.
Frasers Group, owned by retail billionaire Mike Ashley, already holds 22.9% of shares in Accent, making it its largest shareholder. The bid pledges A$316m (£116m) to take ownership of the remaining shares.
The move follows its recent bid of nearly £2bn for German fashion group Hugo Boss. Last week the group tabled a voluntary public takeover offer of £1.7bn to acquire the remaining 73.94% stake in the German fashion house.
A copy of Frasers’ statement in relation to the offer has today (15 June) been lodged with the Australian Securities and Investments Commission and served to Accent.
The offer will be made in accordance with the terms set out in Fraser’s statement and is not subject to any conditions.
The offer commences at the start of trading on Australian Securities Exchange (ASX) on 30 June and will last for one month until 30 July, unless withdrawn or extended.
If the bids are successful, Accent will be the latest brand to join the group, amongst Sports Direct, Flannels and Evans Cycles.
A statement in response from Accent Group urged shareholders to take no action at this stage.
It said: “The Accent board is considering the offer, together with its advisers, and will provide shareholders with a formal recommendation in a target’s statement in accordance with the Corporations Act.
“Accent shareholders are urged to wait until they receive and read Accent’s target’s statement before deciding whether to accept or reject the offer.”
This offer comes after Accent has strengthened its relationship with Frasers Group in recent months, as Sports Direct expanded into Australia and New Zealand. Frasers Group, which began as a single sportswear store in Maidenhead, has seen rapid growth over the last decade following aggressive acquisitions and a shift from luxury to lifestyle products.
Retail Sector contacted Frasers Group, though they declined to comment.
