AX1.ASX: Supplementary Bidder's Statement

Supplementary Bidder's Statement

Stock	Accent Group Ltd (AX1.ASX)
Release Time	10 Aug 2026, 9:35 a.m.
Price Sensitive	Yes

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Frasers Group Supplementary Bidder's Statement

Key Points

Frasers Group disputes Accent Group's claim that their offer is 'materially inadequate'
Accent's board failed to provide a reasonable basis for their valuation claims
Frasers urges Accent's board to step down for better leadership
Frasers offers a cash bid of $0.65 per Accent share
Frasers continues to believe in the value of Accent shares at the current offer price

Full Summary

Frasers Group plc has issued a supplementary bidder's statement in response to Accent Group Limited's claims that Frasers' offer is 'materially inadequate'. Frasers argues that Accent's independent board committee (IBC) made these claims without a reasonable basis, lacking a formal valuation or sound basis. The supplementary statement highlights issues with Accent's use of historical VWAP metrics and past acquisition prices, which Frasers believes are misapplied. Frasers also criticizes the Accent board for not providing a clear earnings bridge to the 2030 targets and for not obtaining an independent expert's report. The offer remains an unconditional, all-cash opportunity for Accent shareholders.

Guidance

Frasers Group plc offers $0.65 per Accent Group share, considering it a fair value.

Outlook

Frasers Group expects Accent Group's board to step down for better leadership and improved transparency.