Making a full takeover offer for Hugo Boss may be a big deal but that hasn’t stopped Frasers Group looking for other acquisitions. The company has also launched an offer for Australian sports performance and lifestyle retailer Accent Group.
Frasers announced on Monday via the Australian Securities Exchange (ASX) an all-cash on-market takeover offer to acquire all of the fully paid ordinary shares in the business that it doesn’t already hold.
Based on the number of Accent Shares currently in issue, Frasers holds 22.9% of the fully paid ordinary shares. This adds up to a value of around A$316 million (approximately £166 million).
The offer officially starts at the start of trading on ASX on 30 June and will end on 30 July.
Accent’s board has said shareholders shouldn’t take any immediate action. But investors did take some immediate action as they bought the shares and the share price rose over 15%. That means each Accent share traded for A$0.75 rather than the A$0.65 Frasers is offering. Investors are clearly expecting a higher offer.
The Accent board appears to agree, noting that the offer price isn’t at a premium to the closing price at the end of last week. There’s also the suggestion that given the timing of Frasers’ earlier purchases of the firm’s shares, it paid an average price of over A$0.90.
From that viewpoint, it’s understandable that the board is urging shareholders to take no action.
The board is currently examining the offer with its financial and legal advisors and will release more information as necessary.
Accent runs almost 900 stores across Australia and New Zealand with its chains including Platypus Shoes, Hype DC, The Athlete’s Foot and Glue Store. It also has exclusive distribution rights in ANZ for brands including Skechers, HOKA, Vans, UGG, Dr Martens and Timberland. Importantly, the group also handles Frasers’ Sports Direct brand in the region.
The company’s latest results showed sales edging up but both EBITDA and net profits down slightly.
What do analysts think? Charles Allen, senior retail analyst at Bloomberg Intelligence, isn’t convinced and told FashionNetwork.com that the bid “doesn’t look designed to succeed as it’s priced at the June 12 close. Though the bid — its second low-ball offer in five days — represents a premium to recent lows, it’s 63% below Frasers’ average in-price of A$1.76. The on-month offer period, the statutory minimum, also suggests the bid is intended to provide greater flexibility in building a stake.
“Frasers has expressed dissatisfaction with Accent’s recent performance after the company cut 2H26 EBIT guidance by 11% in May”.
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