Frasers’ Hugo Boss takeover enters additional acceptance period

In a note to the London Stock Exchange this morning, Hugo Boss said its initial acceptance period for its offer for Hugo Boss had expired on July 27, with approximately 7.3% of the share capital voting in favour of the offer.

As a result, the group said it now owns approximately 37.58% of the total voting rights of Hugo Boss.

The additional acceptance period for the offer starts on July 31 and will run until August 13, 2026.

Frasers said its €38 per share offer, worth £1.73bn, for Hugo Boss remains open.

It comes after Frasers announced on Monday its bid for the struggling luxury brand had become unconditional after receiving clearance from the European Commission.

Hugo Boss has encouraged its shareholders to reject the takeover bid, calling it “financially inadequate” and insisting it didn’t require external investment to execute its turnaround strategy.

The update follows reports over the weekend that Frasers was considering ways to make its boss Michael Murray the chief executive of Hugo Boss.

At the same time, Frasers Group is understood to be in the mix of suitors lining up to bid for luxury department store business Harvey Nichols.

Sky News reported that a deadline of July 28 had been set for UK bidders and that the retailer’s owner was looking to decide within days.

Frasers has also been quietly building its ownership stake in British luxury brand Burberry.