Frasers Group, the retail empire controlled by Mike Ashley, has launched a takeover bid for Accent, an Australian footwear retailer. The company currently owns a 22.9% stake in Accent but is now pursuing full ownership as part of its ongoing acquisition strategy.
Takeover Details
On Monday, Frasers Group tabled an offer worth approximately 316 million Australian dollars (£166 million) to acquire the remaining shares it does not already hold. Shareholders would receive 65 Australian cents (34.2p) per share. Following the announcement, shares in Melbourne-based Accent, which operates around 900 stores across Australia and New Zealand, surged by 10% in early trading.
Background
The bid comes after a significant decline in Accent's share price in recent months, triggered by weaker like-for-like sales figures reported last month. Frasers first acquired a stake in Accent in 2024 and has gradually increased its holding. Over the past year, Accent has deepened its partnership with Frasers through a strategic agreement with Sports Direct, operating Sports Direct-branded stores in Australia and New Zealand with plans to open around 50 outlets in the region over the next six years.
Frasers' Acquisition Strategy
Frasers Group, which also owns House of Fraser, has been actively building stakes in rival retail groups. Last week, it made a significant takeover bid for German fashion house Hugo Boss, offering approximately 1.98 billion euros (£1.73 billion) for the remaining 74% stake it does not own. The proposal would pay Hugo Boss shareholders 38 euros (£32) per share. Frasers currently holds about 26% of Hugo Boss.
