Accent Group has rejected an unsolicited takeover approach from UK retailer Frasers Group, calling the A$0.65 ($0.45) a share proposal “opportunistic” and “materially inadequate”.
Frasers, which owns 22.9% of the Australian retailer, announced the on-market offer on 15 June 2026 for all ordinary shares it does not already own.
That existing holding was assembled through a 2025 subscription agreement and subsequent open market purchases.
An independent board committee comprising all Accent directors other than Frasers nominee David Forsey has unanimously recommended that shareholders reject the bid by taking no action.
Although the offer matches Accent’s closing share price on 12 June, the day before the bid was disclosed, it is below the A$0.71 closing price recorded on 26 June, the latest trading day before the target’s statement was issued.
The committee said the offer represents discounts of 19% and 36% to Accent’s six-month and 12-month volume-weighted average prices.
It also said the proposal is below the A$1.718 per share Frasers paid under the 2025 subscription agreement and the more than A$0.92 per share it paid for on-market purchases in February 2026.
In a letter to shareholders, Accent chairman Lawrence Myers said the bid does not reflect the company’s prospects under its 2030 strategic growth plan.
The plan targets sales of at least A$1.9bn, a 9% earnings before interest and taxes margin and around 950 stores.
The committee also cited what it described as a possible conflict arising from Frasers’ position as both a major shareholder and a commercial partner through the Sports Direct retail arrangement across Australia and New Zealand.
It said Frasers is seeking increased control of that business without paying an appropriate premium.
According to the press statement, Frasers said in its bidder’s statement that it does not expect acceptances above 90% and would be willing to hold a lower stake if it received board representation in line with its shareholding.
“Accent rejects Frasers takeover approach as “materially inadequate”” was originally created and published by Retail Insight Network, a GlobalData owned brand.
