Published • loading... • Updated
Frasers Launches Takeover Move for Australia's Accent
Frasers says it wants greater board influence after losing confidence in Accent’s strategy and performance, as the retailer’s shares jumped almost 12% on the bid.
- On Monday, UK retail giant Frasers Group announced a hostile takeover bid for Accent Group, offering 65 cents per share to acquire the Australian footwear retailer it does not already own.
- Frasers cited dissatisfaction with Accent's strategic direction under Chairman Lawrence Myers and CEO Daniel Agostinelli, citing a 48% share price decline over the past 12 months.
- Accent's board advised shareholders to take no action, noting the offer lacks a premium over Friday's closing price while the company faces an ASIC investigation into potential insider trading.
- Shares of Melbourne-based Accent soared more than 16% on Monday following the announcement, as Frasers seeks to gain greater influence and protect its 22.9% investment stake.
- The bid follows Frasers' recent attempt to acquire Hugo Boss last week, though RBC Capital Markets analyst Jackie Moody noted that no-premium takeover offers are rarely successful.
Insights by Ground AI
21 Articles
21 Articles
Frasers Group launches £166m offer to take full control of Australia’s Accent
Frasers currently owns a 22.9% stake in Accent but has now sought to take full ownership, amid a recent flurry of dealmaking by the UK firm. Mike Ashley’s retail business, Frasers Group, has launched a takeover move for Australian footwear business Accent. Frasers currently owns a 22.9% stake in Accent but has now sought to take full control, amid a recent flurry of dealmaking by the UK firm. On Monday, it offered around 316 million Australian d…
Father's Day SaleGet 40% off Vantage subscriptions for yourself or a friend.Get Started
Coverage Details
Total News Sources21
Leaning Left5Leaning Right2Center5Last UpdatedBias Distribution42% Left, 42% Center
Bias Distribution
- 42% of the sources lean Left, 42% of the sources are Center
42% Center
L 42%
C 42%
R 16%
Factuality
To view factuality data please Upgrade to Premium
