Frasers Group has offered A$316m (£166m) for the remaining available shares of Accent Group, operators of brands including Hype and Platypus.
Frasers currently holds 22.9% of shares in the company, which is listed on the Australian Securities Exchange (ASX).
The offer will commence at the start of ASX trading on June 30 and expire on July 30. Frasers has appointed investment banking firm Barrenjoey to act as its broker during the period.
Accent said in a statement that shareholders should not take action on the offer, adding that the cash offer price of A$0.65 per share was equal to the company’s closing price on June 12, meaning that the Frasers offer adds no premium.
Frasers had announced a “long-term strategic retail agreement” with Accent last year, with plans to expand the Sports Direct brand across Australia and New Zealand. This deal involved Frasers upping its stake in the Australian group.
Last week, Frasers announced that it was launching a takeover bid for German brand Hugo Boss. The offer for the fashion firm was €38 per share, with the total value reaching €1.98bn (£1,73bn).
Frasers said in an announcement to the City about the Hugo Boss deal: “Frasers has a strong track record in making strategic investments in the ordinary course of its business to develop relationships and partnerships. Hugo Boss is a key brand partner for Frasers and one of the top five brands across the Frasers Group.”
No comments yet