The UK retail conglomerate said it was extending its offer to the end of September
Frasers first made its A$0.65 (34p) per share offer for the Australian retail business mid-way through June, with a deadline of the end of July. The deal values the business at A$390.8m (£204.9m)
The UK retail firm, which owns Sports Direct and Flannels, announced this morning that it was extending that deadline to September 30 at 4pm Sydney time.
Accent Group operates some sportswear and footwear brands in Australia and has partnered with Frasers Group on the rollout of Sports Direct across the country.
When news of the offer was first announced, its independent board committee, which features all but one of its directors, said that the Frasers approach should be rejected.
This is below Accent Group’s share price, which closed at A$0.72. The committee said that the offer was inadequate and that it was “highly opportunistic” given the current weakness in the sector.
The move to bid for Accent Group came shortly after Frasers Group announced that it was bidding £1.7bn for German premium fashion brand Hugo Boss.
Earlier this month, Hugo Boss recommended that the bid should be rejected, saying it was “financially inadequate” and failed to reflect the potential future value creation of the brand.
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