Mike Ashley’s Frasers follows Hugo Boss bid with offer for Australia’s Accent
Summary
Mike Ashley’s Frasers Group made a new offer to buy the Australian footwear company Accent Group, after recently bidding to take over German fashion brand Hugo Boss. Frasers already owns almost 23% of Accent and wants to buy the rest for 65 Australian cents per share, matching the current share price.Key Facts
- Frasers Group owns 22.9% of Accent Group and offered A$0.65 per share for the rest of the company.
- The bid values Accent at A$316 million (£166 million).
- Last week, Frasers also made a nearly €2 billion (£1.73 billion) offer to buy Hugo Boss.
- Frasers owns other brands including Frasers department stores, Sports Direct, and Evans Cycles.
- Accent sells brands like Skechers, Lacoste, and Hype through more than 800 stores in Australia and New Zealand.
- Accent’s shares dropped about 20% this year due to lower sales and profit margins.
- Frasers expressed concerns about Accent’s management decisions, including high executive pay and focus on payouts to shareholders during financial challenges.
- Accent said its board is reviewing the offer and will give a recommendation to shareholders later.
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