Accent Group has rejected an unsolicited takeover approach from UK retailer Frasers Group, calling the A$0.65 per share proposal opportunistic and materially inadequate. An independent board committee unanimously recommended shareholders reject the bid, noting the offer represents discounts of 19% and 36% to Accent's six-month and 12-month volume-weighted average prices and is below prices Frasers previously paid for shares. The committee also cited a possible conflict of interest from Frasers' dual role as major shareholder and commercial partner. Accent's chairman said the bid does not reflect the company's prospects under its 2030 strategic growth plan, which targets sales of at least A$1.9 billion and a 9% EBIT margin.
Frasers Group PLCFrasers' takeover bid for Accent was rejected as inadequate, representing a failed M&A attempt.
Accent rejected an inadequate takeover bid, affirming its strategic growth plan and undervaluation.