Accent Group Recommends Rejecting Frasers' Takeover Offer
Key points
- Accent Board established an Independent Board Committee to consider the offer
- IBC recommends shareholders REJECT the Offer
- Offer price deemed inadequate and opportunistic
- Frasers seeks control without offering a premium
- Accent to release detailed reasons in Target's Statement
Full summary
Accent Group Limited (ASX: AX1) has issued a statement advising shareholders to reject Frasers Group plc's unsolicited on-market takeover offer. The Accent Board established an Independent Board Committee (IBC) to consider the offer, which unanimously recommends shareholders reject the offer. The IBC believes the offer price of A$0.65 per share is inadequate and opportunistically timed, especially given Accent's strategic growth plans and medium-term growth potential. The offer does not reflect the value of Accent's Sports Direct business and seeks control without a premium. Accent will provide detailed reasons for its recommendation in its Target's Statement.
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